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) 03/16/2007
	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	03/16/2007		J ( 1 )		800,000	A	$37.7 ( 2 )	42,399,400	I	See footnote ( 3 )
Common Stock	03/16/2007		J ( 1 )		800,000	D	$37.7 ( 2 )	42,399,400	I	See footnote ( 3 )

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 CO (Last) (First) (Middle) 5205 NORTH O'CONNOR BOULEVARD (Street) IRVING TX 75039 (City) (State) (Zip)

1. Name and Address of Reporting Person* UNITED STATES FIRE INSURANCE CO (Last) (First) (Middle) 305 MADISON AVENUE (Street) MORRISTOWN NJ 07962 (City) (State) (Zip)

Explanation of Responses:

1. The shares of Odyssey Re Holdings Corp. ("OdysseyRe") common stock ("Common Stock") were purchased by TIG Insurance Company ("TIG Insurance") from United States Fire Insurance Company ("US Fire"). Both TIG Insurance and US Fire are subsidiaries of Fairfax Financial Holdings Limited ("Fairfax").

2. Equal to the closing price of the Common Stock on the New York Stock Exchange on March 15, 2007.

3. The shares of Common Stock are held directly by Fairfax and through subsidiaries of Fairfax, including, following the transfer, 4,716,841 shares of Common Stock held directly by TIG Insurance. Following the transfer, US Fire will own no shares of Common Stock.

	/s/ Paul Rivett, Vice President	03/19/2007
	/s/ V. Prem Watsa	03/19/2007
	/s/ V. Prem Watsa, President	03/19/2007
	/s/ V. Prem Watsa, President	03/19/2007
	/s/ V. Prem Watsa, President	03/19/2007
	/s/ William J. Gillett, President	03/19/2007
	/s/ Carol Ann Soos, Vice President	03/19/2007
	** Signature of Reporting Person	Date
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