Document:

<PAGE>

                                                                   EXHIBIT 10.17

                              AMENDMENT NUMBER TWO

                                       TO

                        STOP-LOSS REINSURANCE AGREEMENT

     WHEREAS, Odyssey Reinsurance Corporation (formerly known as Skandia America
Reinsurance Corporation) and Skandia Insurance Company Ltd (publ) ("Skandia")
entered into a Stop-Loss Reinsurance Agreement, effective December 31, 1995 (the
"Agreement"); and

     WHEREAS, Skandia assigned its rights and obligations under the Agreement to
ORC Re Limited (the "Retrocessionaire") pursuant to a Final Settlement Agreement
entered into as of January 1, 1999; and

     WHEREAS, Odyssey Reinsurance Corporation and Retrocessionaire wish to amend
the Agreement to reflect these changes,

     NOW, THEREFORE, in consideration of the mutual undertakings, agreements and
covenants hereinafter set forth (in which the capitalized terms shall have the
meanings set for in Article 1 of the Agreement, as amended hereby), Odyssey
Reinsurance Corporation and the Retrocessionaire do hereby agree to the
following:

     1. Section 2.3 of Article 2, "Reinsurance Ceded", of the Agreement is
hereby amended to read in its entirety as follows:

          "2.3 Notwithstanding anything to the contrary contained in Section 2.2
     hereof, when the cumulative Reinsurance Ceded exceeds $60.5 million, the
     Retrocessionaire will pay to the Company cash in an amount equal to the
     Reinsurance Ceded in excess of $60.5 million up to the Aggregate Limit."

     IN WITNESS WHEREOF, the parties hereto have agreed to and adopted this
Amendment No. 2 to the Agreement this 24th day of January 2002.

                                          ODYSSEY REINSURANCE CORPORATION

                                          By:  /s/ ANTHONY J. NARCISO
                                            ------------------------------------

                                          ORC RE LIMITED

                                          By:  /s/
                                            ------------------------------------<PAGE>

                                                                   EXHIBIT 10.18

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and V. Prem Watsa ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such
<PAGE>

     payment of Expenses shall be made by the Company as soon as practicable but
     in any event no later than five days after written demand by Indemnitee
     therefor is presented to the Company.

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

                                        2
<PAGE>

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

                                        3
<PAGE>

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of any
     change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under

                                        4
<PAGE>

     this Agreement or any other agreement or insurance policy or under the
     Company's Certificate of Incorporation or Bylaws now or hereafter in effect
     relating to Claims for Indemnifiable Events, (ii) in specific cases if the
     Board of Directors has approved the initiation or bringing of such Claim,
     or (iii) as otherwise required under Section 145 of the Delaware General
     Corporation Law, regardless of whether Indemnitee ultimately is determined
     to be entitled to such indemnification, advance expense payment or
     insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of competent
     jurisdiction determines that each of the material assertions made by
     Indemnitee in such proceeding was not made in good faith or was frivolous;
     or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then

                                        5
<PAGE>

     outstanding Voting Securities, (ii) during any period of two consecutive
     years, individuals who at the beginning of such period constitute the Board
     of Directors of the Company and any new director whose election by the
     Board of Directors or nomination for election by the Company's stockholders
     was approved by a vote of at least two-thirds of the directors then still
     in office who either were directors at the beginning of the period or whose
     election or nomination for election was previously so approved, cease for
     any reason to constitute a majority thereof, or (iii) the stockholders of
     the Company approve a merger or consolidation of the Company with any other
     corporation other than a merger or consolidation which would result in the
     Voting Securities of the Company outstanding immediately prior thereto
     continuing to represent (either by remaining outstanding or by being
     converted into Voting Securities of the surviving entity) at least 80% of
     the total voting power represented by the Voting Securities of the Company
     or such surviving entity outstanding immediately after such merger or
     consolidation, or the stockholders of the Company approve a plan of
     complete liquidation of the Company or an agreement for the sale or
     disposition by the Company of (in one transaction or a series of
     transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court

                                        6
<PAGE>

having jurisdiction over such action determines that each of Indemnitee material
defenses to such action was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures to this
Agreement and if to the Company at the address of its principal corporate
offices (attention: Secretary) or at such other address as such party may
designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP.

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                           New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:   /s/ V. PREM WATSA
        ------------------------------
                V. Prem Watsa

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and James F. Dowd ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:   /s/ JAMES F. DOWD
        ------------------------------
                James F. Dowd

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Andrew A. Barnard ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.

                                        9
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        10
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        11
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        12
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        13
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        14
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        15
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature: /s/ ANDREW A. BARNARD
        ------------------------------
              Andrew A. Barnard

                                        16
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Winslow W. Bennett ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.

                                        17
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        18
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        19
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        20
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        21
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        22
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        23
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:/s/ WINSLOW W. BENNETT
        ------------------------------
              Winslow W. Bennett

                                        24
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Anthony F. Griffiths ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:
         /s/ ANTHONY F. GRIFFITHS
        ------------------------------
             Anthony F. Griffiths

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Robbert Hartog ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:  /s/ ROBBERT HARTOG
        ------------------------------
                Robbert Hartog

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Paul B. Ingrey ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:  /s/ PAUL B. INGREY
        ------------------------------
                Paul B. Ingrey

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Courtney Smith ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.

                                        9
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        10
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        11
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        12
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        13
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        14
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        15
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:  /s/ COURTNEY SMITH
        ------------------------------
                Courtney Smith

                                        16
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Michael G. Wacek ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b)  Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------

                                     Name:  Donald L. Smith
                                     Title:    Senior Vice President, General
                                               Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                               New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature: /s/ MICHAEL G. WACEK
        ------------------------------
               Michael G. Wacek

                                        8
<PAGE>

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of October
1, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Charles D. Troiano ("Indemnitee").

                                    RECITALS

     (A The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e)
<PAGE>

     hereof) shall not have determined (in a written opinion, in any case in
     which the Independent Legal Counsel referred to in Section 1(c) hereof is
     involved) that Indemnitee would not be permitted to be indemnified under
     applicable law, and (ii) the obligation of the Company to make an advance
     payment of Expenses to Indemnitee pursuant to Section 2(a) (an "Expense
     Advance") shall be subject to the condition that, if, when and to the
     extent that the Reviewing Party determines that Indemnitee would not be
     permitted to be so indemnified under applicable law, the Company shall be
     entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the
     Company) for all such amounts theretofore paid; provided, however, that if
     Indemnitee has commenced or thereafter commences legal proceedings in a
     court of competent jurisdiction to secure a determination that Indemnitee
     should be indemnified under applicable law, any determination made by the
     Reviewing Party that Indemnitee would not be permitted to be indemnified
     under applicable law shall not be binding and Indemnitee shall not be
     required to reimburse the Company for any Expense Advance until a final
     judicial determination is made with respect thereto (as to which all rights
     of appeal therefrom have been exhausted or lapsed). Indemnitees' obligation
     to reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as

                                        2
<PAGE>

     practicable of any Claim made against Indemnitee for which indemnification
     will or could be sought under this Agreement. Notice to the Company shall
     be directed to the Chief Executive Officer of the Company at the address
     shown on the signature page of this Agreement (or such other address as the
     Company shall designate in writing to Indemnitee). In addition, Indemnitee
     shall give the Company such information and cooperation as it may
     reasonably require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of any
     change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer,

                                        3
<PAGE>

     employee, agent or fiduciary, such change, to the extent not otherwise
     required by such law, statute or rule to be applied to this Agreement,
     shall have no effect on this Agreement or the parties' rights and
     obligations hereunder except as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of competent
     jurisdiction determines that each of the material assertions made by
     Indemnitee in such proceeding was not made in good faith or was frivolous;
     or

                                        4
<PAGE>

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of

                                        5
<PAGE>

     the Company approve a plan of complete liquidation of the Company or an
     agreement for the sale or disposition by the Company of (in one transaction
     or a series of transactions) all or substantially all of the Company's
     assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures to this
Agreement and if to the Company at the address of its principal corporate
offices (attention: Secretary)

                                        6
<PAGE>

or at such other address as such party may designate by ten days' advance
written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------
                                     Name: Donald L. Smith
                                     Title:   Senior Vice President, General
                                              Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                              New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:/s/ CHARLES D. TROIANO
        ------------------------------
              Charles D. Troiano

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.
                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Anthony J. Narciso, Jr. ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

          (a) Scope.  The Company hereby agrees to indemnify Indemnitee to the
     fullest extent permitted by law, notwithstanding that such indemnification
     is not specifically authorized by the other provisions of this Agreement,
     the Company's Certificate of Incorporation, the Company's Bylaws or by
     statute. In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  ODYSSEY RE HOLDINGS CORP

                                  By:          /s/ DONALD L. SMITH
                                     -------------------------------------------

                                     Name:  Donald L. Smith
                                     Title:    Senior Vice President, General
                                               Counsel and Corporate Secretary
                                     Address: 140 Broadway, 39th Floor
                                               New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:
        /s/ ANTHONY J. NARCISO, JR.
        ------------------------------
           Anthony J. Narciso, Jr.

                                        8
<PAGE>

                           ODYSSEY RE HOLDINGS CORP.

                           INDEMNIFICATION AGREEMENT

     This Indemnification Agreement ("Agreement") is entered into as of March
21, 2001 by and between Odyssey Re Holdings Corp., a Delaware corporation, (the
"Company") and Donald L. Smith ("Indemnitee").

                                    RECITALS

     (A) The Company and Indemnitee recognize the continued difficulty in
obtaining liability insurance for its directors, officers, employees, agents and
fiduciaries, the significant increases in the cost of such insurance and the
general reductions in the coverage of such insurance.

     (B) The Company and Indemnitee further recognize the substantial increase
in corporate litigation in general, subjecting directors, officers, employees,
agents and fiduciaries to expensive litigation risks at the same time as the
availability and coverage of liability insurance has been severely limited.

     (C) Indemnitee does not regard the current protection available as adequate
under the present circumstances, and Indemnitee and other directors, officers,
employees, agents and fiduciaries of the Company may not be willing to continue
to serve in such capacities without additional protection.

     (D) The Company desires to attract and retain the services of highly
qualified individuals, such as Indemnitee, to serve the Company and, in part, in
order to induce Indemnitee to continue to provide services to the Company,
wishes to provide for the indemnification and advancing of expenses to
Indemnitee to the maximum extent permitted by law.

     (E) In view of the considerations set forth above, the Company desires that
Indemnitee be indemnified by the Company as set forth herein.

     NOW, THEREFORE, the Company and Indemnitee hereby agree as follows:

     1. INDEMNIFICATION.

          (a) Indemnification of Expenses.  The Company shall indemnify
     Indemnitee to the fullest extent permitted by law if Indemnitee was or is
     or becomes a party to or witness or other participant in, or is threatened
     to be made a party to or witness or other participant in, any threatened,
     pending or completed action, suit, proceeding or alternative dispute
     resolution mechanism, or any hearing, inquiry or investigation that
     Indemnitee in good faith believes might lead to the institution of any such
     action, suit, proceeding or alternative dispute resolution mechanism,
     whether civil, criminal, administrative, investigative or other
     (hereinafter a "Claim") by reason of (or arising in part out of) any event
     or occurrence related to the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company, or any subsidiary of
     the Company, or is or was serving at the request of the Company as a
     director, officer, employee, agent or fiduciary of another corporation,
     partnership, joint venture, trust or other enterprise, or by reason of any
     action or inaction on the part of Indemnitee while serving in such capacity
     (hereinafter an "Indemnifiable Event") against any and all expenses
     (including attorneys' fees and all other costs, expenses and obligations
     incurred in connection with investigating, defending, being a witness in or
     participating in (including on appeal), or preparing to defend, be a
     witness in or participate in, any such action, suit, proceeding,
     alternative dispute resolution mechanism, hearing, inquiry or
     investigation), judgments, fines, penalties and amounts paid in settlement
     (if such settlement is approved in advance by the Company, which approval
     shall not be unreasonably withheld) of such Claim and any federal, state,
     local or foreign taxes imposed on Indemnitee as a result of the actual or
     deemed receipt of any payments under this Agreement (collectively,
     hereinafter "Expenses"), including all interest, assessments and other
     charges paid or payable in connection with or in respect of such Expenses.
     Such payment of Expenses shall be made by the Company as soon as
     practicable but in any event no later than five days after written demand
     by Indemnitee therefor is presented to the Company.
<PAGE>

          (b) Reviewing Party.  Notwithstanding the foregoing, (i) the
     obligations of the Company under Section 1(a) shall be subject to the
     condition that the Reviewing Party (as described in Section 10(e) hereof)
     shall not have determined (in a written opinion, in any case in which the
     Independent Legal Counsel referred to in Section 1(c) hereof is involved)
     that Indemnitee would not be permitted to be indemnified under applicable
     law, and (ii) the obligation of the Company to make an advance payment of
     Expenses to Indemnitee pursuant to Section 2(a) (an "Expense Advance")
     shall be subject to the condition that, if, when and to the extent that the
     Reviewing Party determines that Indemnitee would not be permitted to be so
     indemnified under applicable law, the Company shall be entitled to be
     reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for
     all such amounts theretofore paid; provided, however, that if Indemnitee
     has commenced or thereafter commences legal proceedings in a court of
     competent jurisdiction to secure a determination that Indemnitee should be
     indemnified under applicable law, any determination made by the Reviewing
     Party that Indemnitee would not be permitted to be indemnified under
     applicable law shall not be binding and Indemnitee shall not be required to
     reimburse the Company for any Expense Advance until a final judicial
     determination is made with respect thereto (as to which all rights of
     appeal therefrom have been exhausted or lapsed). Indemnitees' obligation to
     reimburse the Company for any Expense Advance shall be unsecured and no
     interest shall be charged thereon. If there has not been a Change in
     Control (as defined in Section 10(c) hereof), the Reviewing Party shall be
     selected by the Board of Directors, and if there has been such a Change in
     Control (other than a Change in Control which has been approved by a
     majority of the Company's Board of Directors who were directors immediately
     prior to such Change in Control), the Reviewing Party shall be the
     Independent Legal Counsel referred to in Section 1(c) hereof. If there has
     been no determination by the Reviewing Party or if the Reviewing Party
     determines that Indemnitee substantively would not be permitted to be
     indemnified in whole or in part under applicable law, Indemnitee shall have
     the right to commence litigation seeking an initial determination by the
     court or challenging any such determination by the Reviewing Party or any
     aspect thereof, including the legal or factual bases therefor, and the
     Company hereby consents to service of process and to appear in any such
     proceeding. Any determination by the Reviewing Party otherwise shall be
     conclusive and binding on the Company and Indemnitee.

          (c) Change in Control.  The Company agrees that if there is a Change
     in Control of the Company (other than a Change in Control which has been
     approved by a majority of the Company's Board of Directors who were
     directors immediately prior to such Change in Control) then, with respect
     to all matters thereafter arising concerning the rights of Indemnitees to
     payments of Expenses and Expense Advances under this Agreement or any other
     agreement or under the Company's Certificate of Incorporation or Bylaws as
     now or hereafter in effect, Independent Legal Counsel (as defined in
     Section 10(d) hereof) shall be selected by Indemnitee and approved by the
     Company (which approval shall not be unreasonably withheld). Such counsel,
     among other things, shall render its written opinion to the Company and
     Indemnitee as to whether and to what extent Indemnitee would be permitted
     to be indemnified under applicable law and the Company agrees to abide by
     such opinion. The Company agrees to pay the reasonable fees of the
     Independent Legal Counsel referred to above and to fully indemnify such
     counsel against any and all expenses (including attorneys' fees), claims,
     liabilities and damages arising out of or relating to this Agreement or its
     engagement pursuant hereto.

          (d) Mandatory Payment of Expenses.  Notwithstanding any other
     provision of this Agreement other than Section 9 hereof, to the extent that
     Indemnitee has been successful on the merits or otherwise, including,
     without limitation, the dismissal of an action without prejudice, in
     defense of any action, suit, proceeding, inquiry or investigation referred
     to in Section (1)(a) hereof or in the defense of any claim, issue or matter
     therein, Indemnitee shall be indemnified against all Expenses incurred by
     Indemnitee in connection therewith.

     2. EXPENSES; INDEMNIFICATION PROCEDURE.

          (a) Advancement of Expenses.  The Company shall advance all Expenses
     incurred by Indemnitee. The advances to be made hereunder shall be paid by
     the Company to Indemnitee as soon as practicable but in any event no later
     than five days after written demand by Indemnitee therefor to the Company.

                                        2
<PAGE>

          (b) Notice/Cooperation by Indemnitee.  Indemnitee shall, as a
     condition precedent to Indemnitees' right to be indemnified under this
     Agreement, give the Company notice in writing as soon as practicable of any
     Claim made against Indemnitee for which indemnification will or could be
     sought under this Agreement. Notice to the Company shall be directed to the
     Chief Executive Officer of the Company at the address shown on the
     signature page of this Agreement (or such other address as the Company
     shall designate in writing to Indemnitee). In addition, Indemnitee shall
     give the Company such information and cooperation as it may reasonably
     require and as shall be within Indemnitees' power.

          (c) No Presumptions; Burden of Proof.  For purposes of this Agreement,
     the termination of any Claim by judgment, order, settlement (whether with
     or without court approval) or conviction, or upon a plea of nolo
     contendere, or its equivalent, shall not create a presumption that
     Indemnitee did not meet any particular standard of conduct or have any
     particular belief or that a court has determined that indemnification is
     not permitted by applicable law. In addition, neither the failure of the
     Reviewing Party to have made a determination as to whether Indemnitee has
     met any particular standard of conduct or had any particular belief, nor an
     actual determination by the Reviewing Party that Indemnitee has not met
     such standard of conduct or did not have such belief, prior to the
     commencement of legal proceedings by Indemnitee to secure a judicial
     determination that Indemnitee should be indemnified under applicable law,
     shall be a defense to Indemnitee's claim or create a presumption that
     Indemnitee has not met any particular standard of conduct or did not have
     any particular belief. In connection with any determination by the
     Reviewing Party or otherwise as to whether Indemnitee is entitled to be
     indemnified hereunder, the burden of proof shall be on the Company to
     establish that Indemnitee is not so entitled.

          (d) Notice to Insurers.  If, at the time of the receipt by the Company
     of a notice of a Claim pursuant to Section 2(b) hereof, the Company has
     liability insurance in effect which may cover such Claim, the Company shall
     give prompt notice of the commencement of such Claim to the insurers in
     accordance with the procedures set forth in the respective policies. The
     Company shall thereafter take all necessary or desirable action to cause
     such insurers to pay, on behalf of Indemnitee, all amounts payable as a
     result of such action, suit, proceeding, inquiry or investigation in
     accordance with the terms of such policies.

          (e) Selection of Counsel.  In the event the Company shall be obligated
     hereunder to pay the Expenses of any Claim, the Company shall be entitled
     to assume the defense of such Claim with counsel approved by Indemnitee,
     which approval shall not be unreasonably withheld, upon the delivery to
     Indemnitee of written notice of its election so to do. After delivery of
     such notice, approval of such counsel by Indemnitee and the retention of
     such counsel by the Company, the Company will not be liable to Indemnitee
     under this Agreement for any fees of counsel subsequently incurred by
     Indemnitee with respect to the same Claim; provided that, (i) Indemnitee
     shall have the right to employ Indemnitee's counsel in any such Claim at
     Indemnitee's expense and (ii) if (A) the employment of counsel by
     Indemnitee has been previously authorized by the Company, (B) Indemnitee
     shall have reasonably concluded that there is a conflict of interest
     between the Company and Indemnitee in the conduct of any such defense, or
     (C) the Company shall not continue to retain such counsel to defend such
     Claim, then the fees and expenses of Indemnitee's counsel shall be at the
     expense of the Company. The Company shall have the right to conduct such
     defense as it sees fit in its sole discretion, including the right to
     settle any claim against Indemnitee without the consent of the Indemnitee.

     3. ADDITIONAL INDEMNIFICATION RIGHTS; NONEXCLUSIVITY.

(a) Scope.  The Company hereby agrees to indemnify Indemnitee to the fullest
extent permitted by law, notwithstanding that such indemnification is not
     specifically authorized by the other provisions of this Agreement, the
     Company's Certificate of Incorporation, the Company's Bylaws or by statute.
     In the event of any change after the date of this Agreement in any
     applicable law, statute or rule (whether by statute or judicial decision)
     which expands the right of a Delaware corporation to indemnify a member of
     its Board of Directors or an officer, employee, agent or fiduciary, it is
     the intent of the parties hereto that Indemnitee shall enjoy by this
     Agreement the greater benefits afforded by such change. In the event of

                                        3
<PAGE>

     any change in any applicable law, statute or rule (whether by statute or
     judicial decision) which narrows the right of a Delaware corporation to
     indemnify a member of its Board of Directors or an officer, employee, agent
     or fiduciary, such change, to the extent not otherwise required by such
     law, statute or rule to be applied to this Agreement, shall have no effect
     on this Agreement or the parties' rights and obligations hereunder except
     as set forth in Section 8(a) hereof.

          (b) Nonexclusivity.  The indemnification provided by this Agreement
     shall be in addition to any rights to which Indemnitee may be entitled
     under the Company's Certificate of Incorporation, its Bylaws, any
     agreement, any vote of stockholders or disinterested directors, the General
     Corporation Law of the State of Delaware, or otherwise. The indemnification
     provided under this Agreement shall continue as to Indemnitee for any
     action Indemnitee took or did not take while serving in an indemnified
     capacity even though Indemnitee may have ceased to serve in such capacity.

     4. NO DUPLICATION OF PAYMENTS.  The Company shall not be liable under this
Agreement to make any payment in connection with any Claim made against
Indemnitee to the extent Indemnitee has otherwise actually received payment
(under any insurance policy, Certificate of Incorporation, Bylaw or otherwise)
of the amounts otherwise indemnifiable hereunder.

     5. PARTIAL INDEMNIFICATION.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of
Expenses incurred in connection with any Claim, but not, however, for all of the
total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion of such Expenses to which Indemnitee are entitled.

     6. MUTUAL ACKNOWLEDGEMENT.  Both the Company and Indemnitee acknowledge
that in certain instances, Federal law or applicable public policy may prohibit
the Company from indemnifying its directors, officers, employees, agents or
fiduciaries under this Agreement or otherwise. Indemnitee understands and
acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of
indemnification to a court in certain circumstances for a determination of the
Company's right under public policy to indemnify Indemnitee.

     7. LIABILITY INSURANCE.  To the extent the Company maintains liability
insurance applicable to directors, officers, employees, agents or fiduciaries,
Indemnitee shall be covered by such policies in such a manner as to provide
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company's directors, if Indemnitee is a director; or of the
Company's officers, if Indemnitee is not a director of the Company but is an
officer; or of the Company's key employees, agents or fiduciaries, if Indemnitee
is not an officer or director but is a key employee, agent or fiduciary.

     8. EXCEPTIONS.  Any other provision herein to the contrary notwithstanding,
the Company shall not be obligated pursuant to the terms of this Agreement:

          (a) Excluded Action or Omissions.  (i) To indemnify Indemnitee for
     Indemnitee's acts, omissions or transactions from which Indemnitee or the
     Indemnitee may not be indemnified under applicable law; or (ii) to
     indemnify Indemnity for Indemnity's intentional acts or transactions in
     violation of the Company's policies;

          (b) Claims Initiated by Indemnitee.  To indemnify or advance expenses
     to Indemnitee with respect to Claims initiated or brought voluntarily by
     Indemnitee and not by way of defense, except (i) with respect to actions or
     proceedings brought to establish or enforce a right to indemnification
     under this Agreement or any other agreement or insurance policy or under
     the Company's Certificate of Incorporation or Bylaws now or hereafter in
     effect relating to Claims for Indemnifiable Events, (ii) in specific cases
     if the Board of Directors has approved the initiation or bringing of such
     Claim, or (iii) as otherwise required under Section 145 of the Delaware
     General Corporation Law, regardless of whether Indemnitee ultimately is
     determined to be entitled to such indemnification, advance expense payment
     or insurance recovery, as the case may be;

          (c) Lack of Good Faith.  To indemnify Indemnitee for any expenses
     incurred by Indemnitee with respect to any proceeding instituted by
     Indemnitee to enforce or interpret this Agreement, if a court of

                                        4
<PAGE>

     competent jurisdiction determines that each of the material assertions made
     by Indemnitee in such proceeding was not made in good faith or was
     frivolous; or

          (d) Claims Under Section 16(b).  To indemnify Indemnitee for expenses
     and the payment of profits arising from the purchase and sale by Indemnitee
     of securities in violation of Section 16(b) of the Securities Exchange Act
     of 1934, as amended, or any similar successor statute.

     9. PERIOD OF LIMITATIONS.  No legal action shall be brought and no cause of
action shall be asserted by or in the right of the Company against Indemnitee,
Indemnitee's estate, spouse, heirs, executors or personal or legal
representatives after the expiration of two years from the date of accrual of
such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal
action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action, such
shorter period shall govern.

     10. CONSTRUCTION OF CERTAIN PHRASES.

          (a) For purposes of this Agreement, references to the "Company" shall
     include, in addition to the resulting corporation, any constituent
     corporation (including any constituent of a constituent) absorbed in a
     consolidation or merger which, if its separate existence had continued,
     would have had power and authority to indemnify its directors, officers,
     employees, agents or fiduciaries, so that if Indemnitee is or was a
     director, officer, employee, agent or fiduciary of such constituent
     corporation, or is or was serving at the request of such constituent
     corporation as a director, officer, employee, agent or fiduciary of another
     corporation, partnership, joint venture, employee benefit plan, trust or
     other enterprise, Indemnitee shall stand in the same position under the
     provisions of this Agreement with respect to the resulting or surviving
     corporation as Indemnitee would have with respect to such constituent
     corporation if its separate existence had continued.

          (b) For purposes of this Agreement, references to "other enterprises"
     shall include employee benefit plans; references to "fines" shall include
     any excise taxes assessed on Indemnitee with respect to an employee benefit
     plan; and references to "serving at the request of the Company" shall
     include any service as a director, officer, employee, agent or fiduciary of
     the Company which imposes duties on, or involves services by, such
     director, officer, employee, agent or fiduciary with respect to an employee
     benefit plan, its participants or its beneficiaries; and if Indemnitee
     acted in good faith and in a manner Indemnitee reasonably believed to be in
     the interest of the participants and beneficiaries of an employee benefit
     plan, Indemnitee shall be deemed to have acted in a manner "not opposed to
     the best interests of the Company" as referred to in this Agreement.

          (c) For purposes of this Agreement a "Change in Control" shall be
     deemed to have occurred if (i) any "person" (as such term is used in
     Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
     amended), other than a trustee or other fiduciary holding securities under
     an employee benefit plan of the Company or a corporation owned directly or
     indirectly by the stockholders of the Company in substantially the same
     proportions as their ownership of stock of the Company, (A) who is or
     becomes the beneficial owner, directly or indirectly, of securities of the
     Company representing 10% or more of the combined voting power of the
     Company's then outstanding Voting Securities, increases his beneficial
     ownership of such securities by 5% or more over the percentage so owned by
     such person, or (B) becomes the "beneficial owner" (as defined in Rule
     13d-3 under said Act), directly or indirectly, of securities of the Company
     representing more than 20% of the total voting power represented by the
     Company's then outstanding Voting Securities, (ii) during any period of two
     consecutive years, individuals who at the beginning of such period
     constitute the Board of Directors of the Company and any new director whose
     election by the Board of Directors or nomination for election by the
     Company's stockholders was approved by a vote of at least two-thirds of the
     directors then still in office who either were directors at the beginning
     of the period or whose election or nomination for election was previously
     so approved, cease for any reason to constitute a majority thereof, or
     (iii) the stockholders of the Company approve a merger or consolidation of
     the Company with any other corporation other than a merger or consolidation
     which would result in the Voting Securities of the Company outstanding
     immediately prior thereto continuing to represent (either by remaining
     outstanding or by being converted into Voting Securities of the surviving
                                        5
<PAGE>

     entity) at least 80% of the total voting power represented by the Voting
     Securities of the Company or such surviving entity outstanding immediately
     after such merger or consolidation, or the stockholders of the Company
     approve a plan of complete liquidation of the Company or an agreement for
     the sale or disposition by the Company of (in one transaction or a series
     of transactions) all or substantially all of the Company's assets.

          (d) For purposes of this Agreement, "Independent Legal Counsel" shall
     mean an attorney or firm of attorneys, selected in accordance with the
     provisions of Section 1(c) hereof, who shall not have otherwise performed
     services for the Company or Indemnitee within the last three years (other
     than with respect to matters concerning the rights of Indemnitee under this
     Agreement, or of other indemnitees under similar indemnity agreements).

          (e) For purposes of this Agreement, a "Reviewing Party" shall mean any
     appropriate person or body consisting of a member or members of the
     Company's Board of Directors or any other person or body appointed by the
     Board of Directors who is not a party to the particular Claim for which
     Indemnitee are seeking indemnification, or Independent Legal Counsel.

          (f) For purposes of this Agreement, "Voting Securities" shall mean any
     securities of the Company that vote generally in the election of directors.

     11. COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall constitute an original.

     12. BINDING EFFECT; SUCCESSORS AND ASSIGNS.  This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors, assigns, including any direct or
indirect successor by purchase, merger, consolidation or otherwise to all or
substantially all of the business and/or assets of the Company, spouses, heirs,
and personal and legal representatives. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or
otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform if no such succession had taken place. This Agreement shall
continue in effect with respect to Claims relating to Indemnifiable Events
regardless of whether Indemnitee continues to serve as a director, officer,
employee, agent or fiduciary of the Company or of any other enterprise at the
Company's request.

     13. ATTORNEYS' FEES.  In the event that any action is instituted by
Indemnitee under this Agreement or under any liability insurance policies
maintained by the Company to enforce or interpret any of the terms hereof or
thereof, Indemnitee shall be entitled to be paid all Expenses incurred by
Indemnitee with respect to such action, regardless of whether Indemnitee is
ultimately successful in such action, and shall be entitled to the advancement
of Expenses with respect to such action, unless, as a part of such action, a
court of competent jurisdiction over such action determines that each of the
material assertions made by Indemnitee as a basis for such action was not made
in good faith or was frivolous. In the event of an action instituted by or in
the name of the Company under this Agreement to enforce or interpret any of the
terms of this Agreement, Indemnitee shall be entitled to be paid all Expenses
incurred by Indemnitee in defense of such action (including costs and expenses
incurred with respect to Indemnitee counterclaims and cross-claims made in such
action), and shall be entitled to the advancement of Expenses with respect to
such action, unless, as a part of such action, a court having jurisdiction over
such action determines that each of Indemnitee material defenses to such action
was made in bad faith or was frivolous.

     14. NOTICE.  All notices and other communications required or permitted
hereunder shall be in writing, shall be effective when given, and shall in any
event be deemed to be given (a) five (5) days after deposit with the U.S. Postal
Service or other applicable postal service, if delivered by first class mail,
postage prepaid, (b) upon delivery, if delivered by hand, (c) one business day
after the business day of deposit with Federal Express or similar overnight
courier, freight prepaid, or (d) one day after the business day of delivery by
facsimile transmission, if delivered by facsimile transmission, with copy by
first class mail, postage prepaid, and shall be addressed if to Indemnitee, at
the Indemnitee address as set forth beneath Indemnitee signatures

                                        6
<PAGE>

to this Agreement and if to the Company at the address of its principal
corporate offices (attention: Secretary) or at such other address as such party
may designate by ten days' advance written notice to the other party hereto.

     15. CONSENT TO JURISDICTION.  The Company and Indemnitee each hereby
irrevocably consent to the jurisdiction of the courts of the State of New York
or (to the extent subject matter jurisdiction exists therefor) of the United
States District Court for the Southern District of New York for all purposes in
connection with any action or proceeding which arises out of or relates to this
Agreement.

     16. SEVERABILITY.  The provisions of this Agreement shall be severable in
the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent
jurisdiction to be invalid, void or otherwise unenforceable, and the remaining
provisions shall remain enforceable to the fullest extent permitted by law.
Furthermore, to the fullest extent possible, the provisions of this Agreement
(including, without limitations, each portion of this Agreement containing any
provision held to be invalid, void or otherwise unenforceable, that is not
itself invalid, void or unenforceable) shall be construed so as to give effect
to the intent manifested by the provision held invalid, illegal or
unenforceable.

     17. CHOICE OF LAW.  This Agreement shall be governed by and its provisions
construed and enforced in accordance with the laws of the State of New York.

     18. SUBROGATION.  In the event of payment under this Agreement, the Company
shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee who shall execute all documents required and shall do all
acts that may be necessary to secure such rights and to enable the Company
effectively to bring suit to enforce such rights.

     19. AMENDMENT AND TERMINATION.  No amendment, modification, termination or
cancellation of this Agreement shall be effective unless it is in writing signed
by both the parties hereto. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provisions hereof
(whether or not similar) nor shall such waiver constitute a continuing waiver.

     20. INTEGRATION AND ENTIRE AGREEMENT.  This Agreement sets forth the entire
understanding between the parties hereto and supersedes and merges all previous
written and oral negotiations, commitments, understandings and agreements
relating to the subject matter hereof between the parties hereto.

     21. NO CONSTRUCTION AS EMPLOYMENT AGREEMENT.  Nothing contained in this
Agreement shall be construed as giving Indemnitee any right to be retained in
the employ of the Company or any of its subsidiaries.

                                        7
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                          ODYSSEY RE HOLDINGS CORP

                                          By:  /s/ ANTHONY J. NARCISO, JR.
                                            ------------------------------------

                                            Name:  Anthony J. Narciso, Jr.
                                            Title:    Senior Vice President
                                            Address: 140 Broadway, 39th Floor
                                                      New York, New York 10005

AGREED TO AND ACCEPTED BY:

Signature:  /s/ DONALD L. SMITH
        ------------------------------
           Donald L. Smith

                                        8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00034-of-00352.parquet"}]]