LONDON MARKET DIVISION 12 Brian D. Young Chief Executive Officer London Market Division OdysseyRe’s London Market Division underwrites insurance and reinsurance on a world-wide basis through two distinct platforms: Newline Syndicate 1218 at Lloyd’s and OdysseyRe’s London Branch. Newline underwrites international casualty insurance at Lloyd’s and through its service company in Bristol. The London Branch underwrites property, casualty, marine and aerospace reinsurance on a treaty basis. Combined, OdysseyRe’s London Market operations represent $447.7 million in gross premiums written and 16.7% of the Company’s total gross premiums written. The London Market Division has achieved significant expansion in premiums and improvement in its combined ratio during the rapidly changing underwriting environment of the last three years. During that time, the Division’s gross premiums written have grown from $165.9 million to $447.7 million and its combined ratio has improved 28.1 percentage points to 94.2%. Premium growth in 2004 was modest at 2.2%, as competitive pressures became more 2002 $315.3 2003 $437.9 2004 $447.7 2002 97.5% 2003 88.2% 2004 94.2% Combined Ratio Gross Premiums Written ($ in millions)