1137048--2/25/2010--ODYSSEY_RE_HOLDINGS

related topics

{capital, credit, financial}

{system, service, information}

{operation, international, foreign}

{financial, litigation, operation}

{debt, indebtedness, cash}

{condition, economic, financial}

{personnel, key, retain}

If we are unable to maintain favorable financial strength ratings, certain existing business may be subject to termination, and it may be more difficult for us to write new business. Certain business practices of the insurance industry have become the subject of investigations by government authorities and the subject of class action litigation. We operate in a highly competitive environment which could make it more difficult for us to attract and retain business. Consolidation in the insurance industry could lead to lower margins for us and less demand for our reinsurance products. We are a holding company and are dependent on dividends and other payments from our operating subsidiaries, which are subject to dividend restrictions. The growth of our primary insurance business, which is regulated more comprehensively than reinsurance, increases our exposure to adverse political, judicial and legal developments. Our computer and data processing systems may fail or be perceived to be insecure, which could adversely affect our business and damage our customer relationships.

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1137048--2/25/2010--ODYSSEY_RE_HOLDINGS_CORP