Odyssey Re proposes secondary share offering

STAMFORD, Conn.--Odyssey Re Holdings Corp. has filed a registration statement to sell up to 9 million of its common shares in a secondary offering.

The Securities and Exchange Commission filing was made at the request of Stamford, Conn.-based Odyssey Re's parent and majority shareholder, Fairfax Financial Holdings Ltd., Odyssey Re said in a statement.

Under the proposed share offer, Odyssey Re will not receive any proceeds from the sale, and underwriters will have the option of purchasing up to 1.35 million additional common shares to cover overallotments.

The proposed offer will be led by Citigroup Corporate & Investment Banking and Wachovia Capital Markets L.L.C.

Following the proposed offering, Toronto-based Fairfax will continue to own a majority of Odyssey Re's shares.