1137048--3/31/2006--ODYSSEY_RE_HOLDINGS

related topics

{capital, credit, financial}

{personnel, key, retain}

{stock, price, operating}

{operation, international, foreign}

{loss, insurance, financial}

{system, service, information}

{regulation, government, change}

{stock, price, share}

{financial, litigation, operation}

Our actual claims may exceed our claim reserves, causing us to incur losses we did not anticipate. If we are unable to maintain a favorable financial strength rating, certain existing business may be subject to termination, and it may be more difficult for us to write new business. Investigations by U.S. government authorities may adversely affect us. We operate in a highly competitive environment which could make it more difficult for us to attract and retain business. If our current and potential customers change their requirements with respect to financial strength, claims paying ratings or counterparty collateral requirements, our profitability could be adversely affected. Fairfax Financial Holdings Limited owns a majority of our common shares and can determine the outcome of our corporate actions requiring board or shareholder approval. Our business could be adversely affected by the loss of one or more key employees. 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. Risks Related to Our Common Shares

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1137048--3/31/2006--ODYSSEY_RE_HOLDINGS_CORP