Odyssey Re Holdings Corp. Forms Newline Insurance Company Limited

STAMFORD, Conn.--(BUSINESS WIRE)--June 19, 2006--Odyssey Re Holdings Corp. (NYSE:ORH) announced today the formation of Newline Insurance Company Limited (NICL), a casualty-focused insurance company based in London, England. All necessary regulatory approvals have been granted by The Financial Services Authority (U.K.) and Newline Insurance Company Limited will commence underwriting general liability, professional indemnity and directors and officers liability insurance in the U.K. and other European Union countries. A.M. Best Company has assigned an "A" (Excellent) Rating to Newline Insurance Company Limited.

Andrew A. Barnard, President and Chief Executive Officer, commented, "OdysseyRe is pleased to establish this new underwriting platform to complement our successful Lloyd's operation." Brian D. Young, Managing Director of Newline, further commented, "NICL gives us additional operating flexibility and will extend the reach of our casualty insurance underwriting capability to a broader audience."

Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company, Newline Underwriting Management Limited and Newline Insurance Company Limited. The Company underwrites through offices in the United States, London, Paris, Singapore, Toronto and Latin America. Odyssey Re Holdings Corp. is listed on the New York Stock Exchange under the symbol ORH.

CONTACT:

Odyssey Re Holdings Corp.

Robert Giammarco,

212-978-2803