A.M. Best Places Ratings of Odyssey, Fairfax Financial and Northbridge Under Review With Negative Implications.

OLDWICK, N.J. -- A.M. Best Co. has placed the financial strength rating (FSR) and the issuer credit ratings (ICR) of the operating subsidiaries of Odyssey Re Holding Corp. (Odyssey) (NYSE:ORH) (Stamford, CT) and the debt ratings of Odyssey under review with negative implications following Odyssey's announcement that it will delay the filing of its 2005 Form 10K for at least 30 days.

The announcement of the delay follows the company's disclosure on February 9, 2006 that it will restate its financial statements for years 2001 through 2004 as well as for the nine months ended September 30, 2005. The restatement corrected the accounting treatment for certain contract features of seven ceded reinsurance contracts and the accounting treatment of ceding commissions relating to three ceded aggregate excess of loss contracts. The need to delay filing Form 10K allows Odyssey additional time to more fully complete their year-end process, which includes a review of the company's finite reinsurance contracts.

Due to Odyssey's need to delay the filing of its Form 10K, Fairfax Financial Holding Limited (Fairfax) (NYSE:FFH) (Toronto, Canada)--which owns approximately 80% of the outstanding shares of Odyssey--has also delayed the filing of its Annual Report as per Canadian regulatory requirements. As a result, the FSR and ICRs of all of Fairfax's wholly-owned operating subsidiaries have also been placed under review with negative implications, as have the operating subsidiaries of Northbridge Financial Corporation (Northbridge) (TSX:NB) (Toronto, Canada). In addition, the debt ratings of Fairfax and its subsidiaries have also been placed under review with negative implications.

These rating actions are the direct result of uncertainties posed by Odyssey's prolonged audit process. If the audit process and A.M. Best's review concludes with no material additional negative information or concerns for Odyssey or Fairfax, A.M. Best expects to remove the under review status and maintain the existing FSRs, ICRs and debt ratings.

For a complete listing of Odyssey Re Holding Corp.'s, Fairfax Financial Holding Limited's and Northbridge Financial Corporation's FSRs, ICRs and debt ratings, please visit www.ambest.com/press/031703fairfax.pdf.

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

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.