SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (Last) (First) (Middle) 95 WELLINGTON STREET WEST SUITE 800 (Street) TORONTO, ONTARIO, CANADA M5J 2N7 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ODYSSEY RE HOLDINGS CORP [ ORH ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 12/08/2006
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/08/2006		J ( 1 )		6,166,667	A	$33.216	43,564,400	I	See footnote ( 2 )
Common Stock	12/08/2006		J ( 1 )		6,166,667	D	$33.216	43,564,400	I	See footnote ( 2 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* FAIRFAX FINANCIAL HOLDINGS LTD/ CAN (Last) (First) (Middle) 95 WELLINGTON STREET WEST SUITE 800 (Street) TORONTO, ONTARIO, CANADA M5J 2N7 (City) (State) (Zip)

1. Name and Address of Reporting Person* WATSA V PREM ET AL (Last) (First) (Middle) 95 WELLINGTON STREET WEST SUITE 800 (Street) TORONTO, ONTARIO, CANADA M5J 2N7 (City) (State) (Zip)

1. Name and Address of Reporting Person* 1109519 ONTARIO LTD (Last) (First) (Middle) 95 WELLINGTON STREET WEST SUITE 800 (Street) TORONTO, ONTARIO, CANADA M5J 2N7 (City) (State) (Zip)

1. Name and Address of Reporting Person* SIXTY TWO INVESTMENT CO LTD (Last) (First) (Middle) 1600 CATHEDRAL PLACE 925 WEST GEORGIA ST. (Street) VANCOUVER, BC, CANADA V6C 3L3 (City) (State) (Zip)

1. Name and Address of Reporting Person* 810679 ONTARIO LTD (Last) (First) (Middle) 95 WELLINGTON STREET WEST SUITE 800 (Street) TORONTO, ONTARIO, CANADA M5J 2N7 (City) (State) (Zip)

1. Name and Address of Reporting Person* TIG INSURANCE GROUP (Last) (First) (Middle) 5205 NORTH O'CONNOR BOULEVARD (Street) IRVING, TX 75039 (City) (State) (Zip)

1. Name and Address of Reporting Person* ORH HOLDINGS INC (Last) (First) (Middle) 300 FIRST STAMFORD PLACE (Street) STAMFORD, CT 06902 (City) (State) (Zip)

Explanation of Responses:

1. ORH Holdings Inc., a wholly owned subsidiary of Fairfax Financial Holdings Limited ("Fairfax"), purchased 6,166,667 shares of common stock, par value $.01 per share ("Common Stock"), of Odyssey Re Holdings Corp. from TIG Insurance Group, Inc. ("TIG"), another wholly owned subisdiary of Fairfax, (the "Transfer").

2. The shares of Common Stock are held directly by Fairfax and through wholly owned subsidiaries of Fairfax, including, following the Transfer, 6,166,667 shares of Common Stock held directly by ORH Holdings Inc. and 29, 949,825 shares of Common Stock held directly by TIG.

	/s/ Paul Rivett, Vice President	12/08/2006
	/s/ V. Prem Watsa	12/08/2006
	/s/ V. Prem Watsa, President	12/08/2006
	/s/ V. Prem Watsa, President	12/08/2006
	/s/ V. Prem Watsa, President	12/08/2006
	/s/ William J. Gillett, President	12/08/2006
	/s/ Bradley P. Martin, Vice President	12/08/2006
	** Signature of Reporting Person	Date
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