AMERICAS DIVISION Michael G. Wacek Chief Executive Officer Americas Division The  Americas is our largest Division at $1.3 billion in gross premiums written, 47% of the group total. In the Americas, OdysseyRe underwrites a broad range of products: property and casualty treaty and facultative reinsurance, as well as marine, aerospace and surety. The Americas Division, headquartered in Stamford, has offices in New York, Miami, Mexico City, Santiago and Toronto. Over the last three years, the Division has achieved substantial market position, with gross premiums written increasing by 51.9% from $831.4 million, to $1,263.2 million. By the latter part of 2004, however, insurance rates in most lines had crested. As the market became more competitive, the Americas premiums written shrank by 11% to $1,263.2 million in 2004, from $1,421.4 million in 2003. Our 2004 combined ratio increased to 105.4% from 101.0% in 2003, due to the significant third quarter hurricane activity and limited reserve strengthening in our casualty lines. During 2004, the demand for reinsurance was affected by certain ceding companies retaining higher net retentions due to perceived capital adequacy and a shortage of growth opportunities.  Combined Ratio Gross Premiums Written ($ in millions) 2002 $1,189.0 2003 $1,421.4 2004 $1,263.2 2002 99.1% 2003 101.0% 2004 $105.4% 8