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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on February&nbsp;28, 2007</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-____________
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ODYSSEY RE HOLDINGS CORP.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="80%">
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<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Delaware</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>52-2301683</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="font-size: 10pt; margin-left:0px; text-indent:-0px">(State or other jurisdiction of<BR>
incorporation or organization)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 10pt; margin-left:0px; text-indent:-0px">(I.R.S. Employer<BR>
Identification No.)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 12pt">300 First Stamford Place<BR>
Stamford, CT 06902</DIV>

<DIV align="center" style="font-size: 10pt">(Address of Principal Executive Offices, including zip code)</DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>



<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ODYSSEY RE HOLDINGS CORP.<BR>
STOCK OPTION PLAN</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>(Full title of the plan)</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Donald L. Smith, Esq.<BR>
General Counsel<BR>
Odyssey Re Holdings Corp.<BR>
300 First Stamford Place<BR>
Stamford, CT 06902<BR>
(203)&nbsp;977-8000</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Name, address, and telephone number of agent for service)</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 3pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed maximum</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="left">Title of securities</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount to be</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">offering price</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">aggregate</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">to be registered</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">Registered (1)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">per share (2)</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">offering price</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 0px solid #000000">registration fee</TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
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    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">400,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">39.48</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">15,792,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">484.81</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
this registration statement on Form S-8 (this &#147;Registration Statement&#148;) shall also cover any
additional shares of common stock par value $0.01 per share (the &#147;Common Stock&#148;) which may be
registered pursuant to this Registration Statement by reason of any stock splits, stock
dividends, recapitalization or similar transactions effected without the receipt of
consideration which results in an increase in the number of shares of Common Stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(c) and 457(h) under the Securities Act. Estimate based upon the average of the high and low
prices of Odyssey Re Holdings Corp.&#146;s (the &#147;Registrant&#146;) Common Stock on the NYSE on February&nbsp;26,
2007.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;1.&nbsp;&nbsp;&nbsp;<B>Plan Information.*</B><SUP style="font-size: 85%; vertical-align: text-top"></SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;2.&nbsp;&nbsp;&nbsp;<B>Registrant Information and Employee Plan Annual Information.*</B>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Information required by Part&nbsp;I to be contained in the
Section 10(a) prospectus is omitted from this Registration Statement in
accordance with Rule&nbsp;428 under the Securities Act, and the &#147;Note&#148;
to the instructions for Part&nbsp;I of Form S-8.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;3.&nbsp;&nbsp;&nbsp;<B>Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;16, 2006, the Registrant filed a Form 10-K/A to amend the Registrant&#146;s Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005 filed on March&nbsp;31, 2006. The Form
10-K/A was filed to reflect the restatement of the Registrant&#146;s consolidated financial statements
as of and for the years ended December&nbsp;31, 2001 through 2005, and the notes related thereto, as
discussed in the Form 10-K/A, including in the section entitled &#147;Second Restatement&#148; in Note 2 to
the Consolidated Financial Statements and in the Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant incorporates by reference in this Registration Statement the following
documents, which have been filed by the Registrant with the Securities and Exchange Commission (the
&#147;Commission&#148;);
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;Current Report on Form 8-K filed on July&nbsp;27, 2006 (not including information
furnished to the Commission under Item&nbsp;2.02 of Form 8-K) disclosing the Registrant&#146;s
determination to restate the Registrant&#146;s financial results for the years 2001 through 2005,
as well as the Registrant&#146;s results for the three months ended March&nbsp;31, 2006, and that the
Registrant&#146;s then previously published financial statements for those periods should
therefore no longer be relied upon;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;Current Reports on Form 8-K filed with the Commission on February&nbsp;10, 2006 (not
including information furnished to the Commission under Item&nbsp;2.02 of Form 8-K), February&nbsp;28,
2006, March&nbsp;15, 2006, March&nbsp;22, 2006, May&nbsp;2, 2006, July&nbsp;12, 2006, July&nbsp;25, 2006, August&nbsp;9,
2006, August&nbsp;25, 2006, November&nbsp;24, 2006 and November&nbsp;29, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Quarterly Report on Form 10-Q for the fiscal quarter ended September&nbsp;30, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;Annual Report on Form 10-K/A for the fiscal year ended December&nbsp;31, 2005 filed on
October&nbsp;16, 2006, or the Form 10-K/A, (including information specifically incorporated by
reference into such Annual Report from the Registrant&#146;s Proxy Statement related to the
Registrant&#146;s annual general meeting held on April&nbsp;28, 2006) amending the Registrant&#146;s Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005 filed on March&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;Quarterly Report on Form 10-Q for the fiscal quarter ended June&nbsp;30, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;Quarterly Report on Form 10-Q for the fiscal quarter ended March&nbsp;31, 2006 (restated
in Note 14 of our Quarterly Report on Form 10-Q for the fiscal quarter ended June&nbsp;30, 2006);</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2005 filed on
March&nbsp;31, 2006 (including information specifically incorporated by reference into such
Annual Report from the Registrant&#146;s Proxy Statement related to the Registrant&#146;s annual
general meeting held on April&nbsp;28, 2006); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;the description of the Registrant&#146;s Common Stock that is contained in the
Registrant&#146;s Registration Statement on Form&nbsp;8-A (No.&nbsp;001-16535) filed on June&nbsp;8, 2001.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all reports and other documents subsequently filed by the Registrant pursuant to
Section&nbsp;13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;) prior to the filing of a post-effective amendment to this Registration Statement
that indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold (not including current reports furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of Form
8-K), shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement incorporated by reference herein modified or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;4.&nbsp;&nbsp;&nbsp;<B>Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;5.&nbsp;&nbsp;&nbsp;<B>Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;6.&nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the General Corporation Law of the State of Delaware (the &#147;DGCL&#148;) provides, in
summary, that directors and officers of Delaware corporations such as the Registrant are entitled,
under certain circumstances, to be indemnified against all expenses and liabilities (including
attorneys&#146; fees) incurred by them as a result of suits brought against them in their capacity as a
director or officer if they acted in good faith and in a manner they reasonably believed to be in
or not opposed to the best interests of the Registrant and, with respect to any criminal action or
proceeding, if they had no reasonable cause to believe their conduct was unlawful; provided that no
indemnification may be made against expenses in respect of any claim, issue or matter as to which
they shall have been adjudged to be liable to the Registrant, unless and only to the extent that
the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, they are fairly and
reasonably entitled to indemnity for such expenses which such court shall deem proper. Any such
indemnification may be made by the Registrant only as authorized in each specific case upon a
determination by the stockholders or disinterested
directors that indemnification is proper because the indemnitee has met the applicable
standard of conduct.
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s certificate of incorporation and by-laws provide for indemnification of its
directors and officers to the fullest extent permitted by Delaware law, as the same may be amended
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;7.&nbsp;&nbsp;&nbsp;<B>Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;8.&nbsp;&nbsp;&nbsp;<B>Exhibits.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See attached Exhibit list.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Item&nbsp;9.&nbsp;&nbsp;&nbsp;<B>Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;to include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in the Registration Statement;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and
(a)(1)(ii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or
Section 15(d) of the Exchange Act that are incorporated by reference in this
Registration Statement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liabilities under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of
an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of
such issue.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Stamford, State of Connecticut on the
28th day February, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Odyssey Re Holdings Corp.<BR>
<BR>
&nbsp;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">                      /s/ R. Scott Donovan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">R. Scott Donovan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Vice President and Chief Financial&nbsp;Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints, jointly and severally, V.
Prem Watsa, Andrew A. Barnard and R. Scott Donovan, his true and lawful attorneys-in-fact and
agents, each of whom may act alone, with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign (1)&nbsp;a registration statement on
Form S-8, or such other form as may be recommended by counsel, to be filed with the Commission, and
any and all amendments and post-effective amendments thereto, and any and all post-effective
amendments to registration statements or statements on Form S-8 previously filed with the
Commission, and any and all instruments and documents filed as a part of or in connection with the
said registration statement or amendments thereto, with respect to the Company&#146;s benefit and
incentive plans, and (2)&nbsp;any registration statements, reports and applications relating thereto to
be filed by the Company with the Commission and/or any national securities exchanges under the
Exchange Act, and any and all amendments thereto, and any and all instruments and documents filed
as part of or in connection with such registration statements or reports or amendments thereto;
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done, as fully for all
intents and purposes as he might or could do in person, and hereby ratifying and confirming all
that the said attorneys-in-fact and agents or any of them, may lawfully do or cause to be done by
virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons on behalf of the Registrant and in the capacities and on
the date indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Andrew A. Barnard
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Andrew A. Barnard</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
President, Chief Executive
Officer and Director
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ R. Scott Donovan
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
R. Scott Donovan</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ V. Prem Watsa
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
V. Prem Watsa</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ James F. Dowd
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
James F. Dowd</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Peter M. Bennett
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Peter M. Bennett</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Anthony F. Griffiths
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Anthony F. Griffiths</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Patrick W. Kenny
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Patrick W. Kenny</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Samuel A. Mitchell
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Samuel A. Mitchell</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Brandon W. Sweitzer
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Brandon W. Sweitzer</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="left" nowrap valign="top">/s/ Paul M. Wolff
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Paul M. Wolff</TD>
    <TD>&nbsp;</TD>
    <TD align="left">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February 28, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title of Exhibit</B></TD>
</TR>
<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation (incorporated
herein by reference to the Registrant&#146;s Registration Statement on
Amendment No.&nbsp;1 to Form&nbsp;S-1 (No.&nbsp;333-57642), filed with the
Commission on May&nbsp;4, 2001).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated By-Laws (incorporated herein by reference to
the Registrant&#146;s Registration Statement on Amendment No.&nbsp;1 to Form
S-1 (No.&nbsp;333-57642), filed with the Commission on May&nbsp;4, 2001).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Certificate representing Common Stock (incorporated herein
by reference to the Registrant&#146;s Amendment No.&nbsp;2 to Registration
Statement on Form&nbsp;S-1 (No.&nbsp;333-57642), filed with the Commission on
May&nbsp;29, 2001).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Odyssey Re Holdings Corp. Stock Option Plan (incorporated herein by
reference to the Registrant&#146;s Registration Statement on Amendment
No.&nbsp;3 to Form&nbsp;S-1 (No.&nbsp;333-57642), filed with the Commission on
June&nbsp;7, 2001).</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP.</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page of this Registration
Statement on Form&nbsp;S-8).</TD>
</TR>
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    <TD>*Filed herewith.</TD>
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{"company-data": {"conformed-name": "ODYSSEY RE HOLDINGS CORP", "cik": "0001137048", "assigned-sic": "6331", "irs-number": "522301683", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-140964", "film-number": "07658889"}, "business-address": {"street1": "300 FIRST STAMFORD PL", "city": "STAMFORD", "state": "CT", "zip": "06902", "phone": "2039778000"}, "mail-address": {"street1": "300 FIRST STAMFORD PL", "city": "STAMFORD", "state": "CT", "zip": "06902"}}
sv8
As
filed with the Securities and Exchange Commission on February 28, 2007
Registration No. 333-____________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
ODYSSEY RE HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware
52-2301683
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
300 First Stamford Place
Stamford, CT 06902
(Address of Principal Executive Offices, including zip code)
ODYSSEY RE HOLDINGS CORP.
STOCK OPTION PLAN
(Full title of the plan)
Donald L. Smith, Esq.
General Counsel
Odyssey Re Holdings Corp.
300 First Stamford Place
Stamford, CT 06902
(203) 977-8000
(Name, address, and telephone number of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed maximum
Proposed maximum
Title of securities
Amount to be
offering price
aggregate
Amount of
to be registered
Registered (1)
per share (2)
offering price
registration fee
Common Stock, par value $.01 per share
400,000
$
39.48
$
15,792,000
$
484.81
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"),
this registration statement on Form S-8 (this "Registration Statement") shall also cover any
additional shares of common stock par value $0.01 per share (the "Common Stock") which may be
registered pursuant to this Registration Statement by reason of any stock splits, stock
dividends, recapitalization or similar transactions effected without the receipt of
consideration which results in an increase in the number of shares of Common Stock.
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with Rule
457(c) and 457(h) under the Securities Act. Estimate based upon the average of the high and low
prices of Odyssey Re Holdings Corp.'s (the "Registrant') Common Stock on the NYSE on February 26,
2007.
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan Information.*
Item 2.
Registrant Information and Employee Plan Annual Information.*
*
Information required by Part I to be contained in the
Section 10(a) prospectus is omitted from this Registration Statement in
accordance with Rule 428 under the Securities Act, and the "Note"
to the instructions for Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
On October 16, 2006, the Registrant filed a Form 10-K/A to amend the Registrant's Annual
Report on Form 10-K for the fiscal year ended December 31, 2005 filed on March 31, 2006. The Form
10-K/A was filed to reflect the restatement of the Registrant's consolidated financial statements
as of and for the years ended December 31, 2001 through 2005, and the notes related thereto, as
discussed in the Form 10-K/A, including in the section entitled "Second Restatement" in Note 2 to
the Consolidated Financial Statements and in the Management's Discussion and Analysis of Financial
Condition and Results of Operations.
The Registrant incorporates by reference in this Registration Statement the following
documents, which have been filed by the Registrant with the Securities and Exchange Commission (the
"Commission");
(a)   Current Report on Form 8-K filed on July 27, 2006 (not including information
furnished to the Commission under Item 2.02 of Form 8-K) disclosing the Registrant's
determination to restate the Registrant's financial results for the years 2001 through 2005,
as well as the Registrant's results for the three months ended March 31, 2006, and that the
Registrant's then previously published financial statements for those periods should
therefore no longer be relied upon;
(b)   Current Reports on Form 8-K filed with the Commission on February 10, 2006 (not
including information furnished to the Commission under Item 2.02 of Form 8-K), February 28,
2006, March 15, 2006, March 22, 2006, May 2, 2006, July 12, 2006, July 25, 2006, August 9,
2006, August 25, 2006, November 24, 2006 and November 29, 2006;
(c)   Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2006;
(d)   Annual Report on Form 10-K/A for the fiscal year ended December 31, 2005 filed on
October 16, 2006, or the Form 10-K/A, (including information specifically incorporated by
reference into such Annual Report from the Registrant's Proxy Statement related to the
Registrant's annual general meeting held on April 28, 2006) amending the Registrant's Annual
Report on Form 10-K for the fiscal year ended December 31, 2005 filed on March 31, 2006;
(e)   Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006;
(f)   Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2006 (restated
in Note 14 of our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2006);
(g)   Annual Report on Form 10-K for the fiscal year ended December 31, 2005 filed on
March 31, 2006 (including information specifically incorporated by reference into such
Annual Report from the Registrant's Proxy Statement related to the Registrant's annual
general meeting held on April 28, 2006); and
(h)   the description of the Registrant's Common Stock that is contained in the
Registrant's Registration Statement on Form 8-A (No. 001-16535) filed on June 8, 2001.
In addition, all reports and other documents subsequently filed by the Registrant pursuant to
Section 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act") prior to the filing of a post-effective amendment to this Registration Statement
that indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold (not including current reports furnished under Item 2.02 or Item 7.01 of Form
8-K), shall be deemed to be incorporated by reference in this Registration Statement and to be a
part hereof from the date of filing of such documents.
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement incorporated by reference herein modified or supersedes such statement.
Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities.
Not required.
Item 5.
Interests of Named Experts and Counsel.
None.
Item 6.
Indemnification of Directors and Officers.
Section 145 of the General Corporation Law of the State of Delaware (the "DGCL") provides, in
summary, that directors and officers of Delaware corporations such as the Registrant are entitled,
under certain circumstances, to be indemnified against all expenses and liabilities (including
attorneys' fees) incurred by them as a result of suits brought against them in their capacity as a
director or officer if they acted in good faith and in a manner they reasonably believed to be in
or not opposed to the best interests of the Registrant and, with respect to any criminal action or
proceeding, if they had no reasonable cause to believe their conduct was unlawful; provided that no
indemnification may be made against expenses in respect of any claim, issue or matter as to which
they shall have been adjudged to be liable to the Registrant, unless and only to the extent that
the court in which such action or suit was brought shall determine upon application that, despite
the adjudication of liability but in view of all the circumstances of the case, they are fairly and
reasonably entitled to indemnity for such expenses which such court shall deem proper. Any such
indemnification may be made by the Registrant only as authorized in each specific case upon a
determination by the stockholders or disinterested
directors that indemnification is proper because the indemnitee has met the applicable
standard of conduct.
The Registrant's certificate of incorporation and by-laws provide for indemnification of its
directors and officers to the fullest extent permitted by Delaware law, as the same may be amended
from time to time.
Item 7.
Exemption from Registration Claimed.
Not applicable.
Item 8.
Exhibits.
See attached Exhibit list.
Item 9.
Undertakings.
(a)   The undersigned Registrant hereby undertakes:
(1)   To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
(i)   to include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)   to reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
Registration Statement;
(iii)   to include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any
material change to such information in the Registration Statement;
provided, however, that the undertakings set forth in paragraphs (a)(1)(i) and
(a)(1)(ii) above do not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section 13 or
Section 15(d) of the Exchange Act that are incorporated by reference in this
Registration Statement;
(2)   That, for the purpose of determining any liabilities under the Securities
Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof; and
(3)   To remove from registration by means of a post-effective amendment any of
the securities being registered which remain unsold at the termination of the
offering.
(b)   The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and where applicable, each filing of
an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)   Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of
the Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of
such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Stamford, State of Connecticut on the
28th day February, 2007.
Odyssey Re Holdings Corp.
By:
/s/ R. Scott Donovan
Name:
R. Scott Donovan
Title:
Executive Vice President and Chief Financial Officer
POWER OF ATTORNEY
Each person whose signature appears below constitutes and appoints, jointly and severally, V.
Prem Watsa, Andrew A. Barnard and R. Scott Donovan, his true and lawful attorneys-in-fact and
agents, each of whom may act alone, with full power of substitution and resubstitution, for him and
in his name, place and stead, in any and all capacities, to sign (1) a registration statement on
Form S-8, or such other form as may be recommended by counsel, to be filed with the Commission, and
any and all amendments and post-effective amendments thereto, and any and all post-effective
amendments to registration statements or statements on Form S-8 previously filed with the
Commission, and any and all instruments and documents filed as a part of or in connection with the
said registration statement or amendments thereto, with respect to the Company's benefit and
incentive plans, and (2) any registration statements, reports and applications relating thereto to
be filed by the Company with the Commission and/or any national securities exchanges under the
Exchange Act, and any and all amendments thereto, and any and all instruments and documents filed
as part of or in connection with such registration statements or reports or amendments thereto;
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done, as fully for all
intents and purposes as he might or could do in person, and hereby ratifying and confirming all
that the said attorneys-in-fact and agents or any of them, may lawfully do or cause to be done by
virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons on behalf of the Registrant and in the capacities and on
the date indicated.
Signature
Title
Date
/s/ Andrew A. Barnard
Andrew A. Barnard
President, Chief Executive
Officer and Director
(Principal Executive Officer)
February 28, 2007
/s/ R. Scott Donovan
R. Scott Donovan
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer and
Principal Accounting Officer)
February 28, 2007
/s/ V. Prem Watsa
V. Prem Watsa
Director
February 28, 2007
/s/ James F. Dowd
James F. Dowd
Director
February 28, 2007
Signature
Title
Date
/s/ Peter M. Bennett
Peter M. Bennett
Director
February 28, 2007
/s/ Anthony F. Griffiths
Anthony F. Griffiths
Director
February 28, 2007
/s/ Patrick W. Kenny
Patrick W. Kenny
Director
February 28, 2007
/s/ Samuel A. Mitchell
Samuel A. Mitchell
Director
February 28, 2007
/s/ Brandon W. Sweitzer
Brandon W. Sweitzer
Director
February 28, 2007
/s/ Paul M. Wolff
Paul M. Wolff
Director
February 28, 2007
EXHIBIT INDEX
Number
Title of Exhibit
4.1
Amended and Restated Certificate of Incorporation (incorporated
herein by reference to the Registrant's Registration Statement on
Amendment No. 1 to Form S-1 (No. 333-57642), filed with the
Commission on May 4, 2001).
4.2
Amended and Restated By-Laws (incorporated herein by reference to
the Registrant's Registration Statement on Amendment No. 1 to Form
S-1 (No. 333-57642), filed with the Commission on May 4, 2001).
4.3
Specimen Certificate representing Common Stock (incorporated herein
by reference to the Registrant's Amendment No. 2 to Registration
Statement on Form S-1 (No. 333-57642), filed with the Commission on
May 29, 2001).
4.4
Odyssey Re Holdings Corp. Stock Option Plan (incorporated herein by
reference to the Registrant's Registration Statement on Amendment
No. 3 to Form S-1 (No. 333-57642), filed with the Commission on
June 7, 2001).
*23.1
Consent of PricewaterhouseCoopers LLP.
*24.1
Powers of Attorney (included on signature page of this Registration
Statement on Form S-8).
*Filed herewith.