OdysseyRe Announces Redemption of Preferred Stock

STAMFORD, Conn.--(BUSINESS WIRE)-- Odyssey Re Holdings Corp. announced today that it has called for redemption all of the outstanding shares of its 8.125% noncumulative Series A preferred stock (the “Series A Preferred Shares”) and its floating rate noncumulative Series B preferred stock (the “Series B Preferred Shares” and, together with the Series A Preferred Shares, the “Preferred Shares”) not owned by it or by other subsidiaries of Fairfax Financial Holdings Limited. The redemption date will be October 20, 2010, and the respective redemption prices, which will be paid in cash, will be $25.000 per Series A Preferred Share and $25.375 per Series B Preferred Share.

Following the redemption, the Preferred Shares will be delisted from trading on the New York Stock Exchange (the “NYSE”). The NYSE will file a Form 25 with the Securities and Exchange Commission on or about October 20, 2010 to effect the delisting, and the delisting is expected to become effective ten days thereafter, on or about October 30, 2010. The Company will then terminate its obligation to file periodic reports under the Securities Exchange Act of 1934, as amended. In connection with the redemption, the Company will also file an application with Canadian securities regulators to cease its continuous disclosure obligations under Canadian securities laws.

The Bank of New York, the transfer agent of the Preferred Shares, is acting as paying agent for the Preferred Shares. Its address is:

Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe underwrites through Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Newline Syndicate #1218 and Newline Insurance Company Limited. OdysseyRe operates from offices located in the United States, London, Paris, Singapore, Stockholm, Tokyo, Melbourne, Toronto, Mexico City and São Paulo.

OdysseyRe
Jan Christiansen, 203-977-0199
Chief Financial Officer

Source: Odyssey Re Holdings Corp.