Moody's: Odyssey Re view stable

Moody's Investors Service said it affirmed the Baa3 senior debt rating of Odyssey Re Holdings Corp. and the A3 insurance financial strength rating of Odyssey Reinsurance Co.

The outlook was changed to stable from positive.

Odyssey Re is a wholly owned subsidiary of Fairfax Financial Holdings Ltd. (senior debt at Baa3, stable outlook).

Odyssey Re's ratings reflect its well established and diversified position in the U.S. and international property/casualty broker (re)insurance markets, solid financial profile and strong underwriting results and the growth of specialty primary insurance in the overall business mix, Moody's said. The company's underwriting leverage is appropriate for its business mix and risks.

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