According to one law firm's press release, "the transaction appears to be unfair" to current investors of Odyssey Re because the "offer to purchase Odyssey Re Holdings at $60 per share appears opportunistically timed to take advantage of the current economic downturn." Another press release "concerns whether the consideration to be paid to ORH shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of ORH" and "whether the directors of ORH, including any special committee members, may have breached their fiduciary duties by not acting in ORH shareholders' best interests in connection with the sale process of ORH."

If you currently own Odyssey Re common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: The Shuman Law Firm

CONTACT:  The Shuman Law Firm
Kip B. Shuman, Esq.
kip@shumanlawfirm.com
Rusty E. Glenn, Esq.
rusty@shumanlawfirm.com
866-974-8626
Fax: 303-484-4886
www.shumanlawfirm.com
885 Arapahoe Avenue
Boulder, CO 80203

A.M. Best believes that Odyssey Re?s business strategy is not expected to change in a meaningful way and the group will benefit prospectively from the liquidity and financial resources of Fairfax. Fairfax, through Hamblin Watsa Investment Counsel, has managed Odyssey Re?s investments, which have contributed significantly to Odyssey Re?s earnings in recent years. Given the historic majority ownership of ORH by Fairfax, A.M. Best also believes that integration risk should not be a significant issue, going forward.

For Best?s Credit Ratings, an overview of the rating process and rating methodologies, please visit http://www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at http://www.ambest.com/ratings/methodology.

A.M. Best believes that Odyssey Re's business strategy is not expected to change in a meaningful way and the group will benefit prospectively from the liquidity and financial resources of Fairfax. Fairfax, through Hamblin Watsa Investment Counsel, has managed Odyssey Re's investments, which have contributed significantly to Odyssey Re's earnings in recent years. Given the historic majority ownership of ORH by Fairfax, A.M. Best also believes that integration risk should not be a significant issue, going forward.

For Best's Credit Ratings, an overview of the rating process and rating methodologies, please visit www.ambest.com/ratings.

The principal methodologies used in determining these ratings, including any additional methodologies and factors that may have been considered, can be found at www.ambest.com/ratings/methodology.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.

SOURCE: A.M. Best Co.

A.M. Best Co. 
Analysts 
Devin Inskeep, 908-439-2200, ext. 5449 
devin.inskeep@ambest.com 
or 
Robert DeRose, 908-439-2200, ext. 5453 
robert.derose@ambest.com 
or 
Public Relations 
Jim Peavy, 908-439-2200, ext. 5644 
james.peavy@ambest.com 
or 
Rachelle Morrow, 908-439-2200, ext. 5378 
rachelle.morrow@ambest.com

Fairfax currently owns 72.6 percent of ORH's outstanding common shares. Under the terms of Fairfax's current proposal, Fairfax intends to purchase the remaining minority held shares of common stock at a purchase price of $60 per share to be funded through an equity offering by Fairfax. Fairfax has said that following the closing of the transaction, it plans for ORH to run as a decentralized, independent company with no expected changes to its business strategy and senior management team. The Fairfax proposal is currently being reviewed and evaluated by an independent special committee of the Board of Directors of Odyssey Re. There can be no assurance that any transaction will be approved by the special committee or consummated. Odyssey Re ranks as the 15th largest reinsurer in the world based on 2008 gross premiums written.

A.M. Best believes that Odyssey Re's business strategy is not expected to change in a meaningful way and the group will benefit prospectively from the liquidity and financial resources of Fairfax. Fairfax, through Hamblin Watsa Investment Counsel, has managed Odyssey Re's investments, which have contributed significantly to Odyssey Re's earnings in recent years. Given the historic majority ownership of ORH by Fairfax, A.M. Best also believes that integration risk should not be a significant issue, going forward.

For Best's Credit Ratings, an overview of the rating process and rating methodologies: ambest.com/ratings.

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