Odyssey Re Holdings Corp. (ORH) is a leading worldwide underwriter of reinsurance and specialty insurance. We are listed on the New York Stock Exchange with total assets of $7.7 billion and $1.6 billion in stockholders’ equity as of December 31, 2004.  Odyssey Re Holdings Corp. operates globally under the banner OdysseyRe. Supported by $1.7 billion of statutory policyholders’ surplus, we underwrite a wide range of reinsurance and insurance property and casualty products through our subsidiaries: Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company and Newline Underwriting Management Limited, Odyssey Re’s managing agent at Lloyd’s. OdysseyRe is rated “A” (Excellent) by A.M. Best Company and “A-” (Strong) by Standard & Poor’s. T he basic elements of nature – air, earth, water and fire – are usually benign and benevolent. In their extreme states, however, they become unpredictable perils that cannot be withstood. Add human nature to the mix and a few millennia of “being human,” and you are immersed in a complex world of natural and man-made risk. Against this complex backdrop of risk, we hope this report shows how OdysseyRe continues to underwrite, innovate and prosper. TABLE OF CONTENTS With $2.7 billion of gross premiums written at December 31, 2004, OdysseyRe is one of the top five broker market reinsurers in the United States and ranks among the top 20 global reinsurance companies. We have 15 offices worldwide, with more than 500 employees in four operating divisions: Americas, EuroAsia, London Market and U.S. Insurance. Fairfax Financial Holdings Limited is OdysseyRe’s majority stockholder. Fairfax is a financial services holding company publicly traded on the New York and Toronto Stock Exchanges (FFH). Fairfax has total assets of $26.3 billion and $3.2 billion in stockholders’ equity as of December 31, 2004. Financial Highlights 1 Letter to Stockholders 2 Elements of Risk 6 Overview of Operations 7 Americas 8 EuroAsia 10 London Market 12 U.S. Insurance 14 Elements of Underwriting 16 Financial Report 20 Worldwide Offices 92 Directors and Officers 94 Investor Information 96 CORPORATE PROFILE ELEMENTS OF NATURE On the Cover