Shearman & Sterling is representing Fairfax Financial Holdings Limited (Fairfax) in its proposal to acquire the minority stake in Odyssey Re Holdings Corp. (Odyssey). Fairfax currently owns approximately 72.6% of all outstanding shares of common stock of Odyssey. Shearman & Sterling is also representing Fairfax in connection with its $1 billion equity offering, the proceeds of which would be used to fund the acquisition.

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Odyssey is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance.

Shearman & Sterling's team includes partners Christopher Cummings (Toronto-Capital Markets), Adam Givertz (Toronto-Mergers & Acquisitions), Laurence Crouch (Menlo Park-Tax) and Douglas McFadyen (New York-Tax), counsels Stephen Centa (Toronto-Capital Markets) and John A. Morrison (New York-Executive Compensation & Employee Benefits) and associates Eileen O'Pray (Menlo Park-Tax), Hugo Sin (Toronto-Mergers & Acquisitions), Christian Kurtz (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets) and Kenneth Hemler (New York-Executive Compensation & Employee Benefits).