Odyssey Completes US$308.6M Cross-Border IPO

On June 19, 2001, Odyssey Re Holdings Corp., a Delaware subsidiary of Fairfax Financial Holdings Limited, with global reinsurance operations, completed its US$308.6 million initial public offering of common shares in the United States and Canada. The syndicate of 15 US and Canadian underwriters was co-led by Banc of America Securities LLC and CIBC World Markets.

Shearman & Sterling in Toronto acted as Odyssey’s US counsel, with a team that included Brice Voran, Christopher Cummings, Paul Rivett, Stephen Centa and Laurence Crouch (tax). Torys in Toronto acted as Odyssey’s Canadian counsel, with a team that included David Chaikof, Randy MacEwen, Tom Yeo and Jim Welkoff (tax). The underwriters received US legal advice from Simpson, Thacher & Bartlett in New York, with a team that included Peter Gordon, Hyun Chung and Michele Dickey, and Canadian legal advice from Ogilvy Renault in Toronto, with a team that included Terence Dobbin and Dawn Whittaker.

Lawyer(s)

Laurence E. Crouch David A. Chaikof Christopher J. Cummings Terence S. Dobbin Peter J. Gordon Thomas H. Yeo Stephen Centa James W. Welkoff Dawn P. Whittaker Hyun Chung Paul Rivett

Firm(s)

Shearman & Sterling LLP Torys LLP Simpson Thacher & Bartlett LLP