OdysseyRe Reports Third Quarter 2009 Results

Three Months

-- Net income of $128.2 million

-- Gross premiums written of $630.9 million

-- Combined ratio of 96.9%

Nine Months

-- Net income of $250.8 million

-- Gross premiums written of $1,697.2 million

-- Combined ratio of 96.7%

At September 30, 2009

-- GAAP equity of $3.6 billion

-- Total GAAP assets of $10.8 billion

-- Statutory surplus of $3.5 billion

"Our experience as a public company has been rewarding, from our initial public offering in 2001 at $18 a share to the closure of the tender offer at $65," commented Andrew A. Barnard, OdysseyRe's Chief Executive Officer. "During these years, we have greatly expanded OdysseyRe's operations around the globe, with multiple product offerings and new channels of distribution. All the while, we have closely adhered to the underwriting discipline that underlies our business strategy. Positive underwriting results, combined with exceptional investment gains, have strengthened a rock-solid foundation."

This presentation is based on OdysseyRe's consolidated results. For further information, please refer to OdysseyRe's website, www.odysseyre.com.

Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company, Newline Underwriting Management Limited, Newline Asia Services Pte. Ltd. and Newline Insurance Company Limited. The Company underwrites through offices in the United States, London, Paris, Singapore, Toronto and Mexico City.

Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: a reduction in net income if the Company's loss reserves are insufficient; the occurrence of catastrophic events with a frequency or severity exceeding the Company's estimates; the lowering or loss of one of the Company's financial or claims-paying ratings, including those of the Company's subsidiaries; an inability to realize the Company's investment objectives; a decrease in the level of demand for the Company's reinsurance or insurance business, or increased competition; emerging claim and coverage issues; the risk that ongoing regulatory developments will disrupt the Company's business or mandate changes in industry practices that increase the Company's costs; changes in economic conditions, including interest rate, currency, equity and credit conditions; the Company's inability to access its subsidiaries' cash; loss of services of any of the Company's key employees; risks related to the Company's use of reinsurance brokers; failure of the Company's reinsurers to honor their obligations; regulatory and legislative changes; risks associated with the growth of the Company's specialty insurance business; and other factors that are described in the Company's filings with the Securities and Exchange Commission. Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

SOURCE: Odyssey Re Holdings Corp.

Odyssey Re Holdings Corp. 
R. Scott Donovan, 203-977-0199 
Chief Financial Officer