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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

Included in the consolidated balance sheets are amounts receivable r elated to expense sharing arrangements with affiliates of $4.9 million and $1.1 million as of December 31, 2004 and 2003, r espectively, and payable to affiliates of $1.1 million and $1.3 million as of December 31, 2004 and 2003 respectively In addition to the amounts in the table above, the Company has a receivable from nSpir Re of $8.2 million and $17.0 million as of December 31, 2004 and 2003, respectively, which represents transactions for certain reinsurance agreements. 

Management believes that the revenues and expenses related to the transactions with affiliated entities would not be materially different if such transactions were with unaffiliated entities. 

## 7. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) 

The following table shows the components of the change in accumulated other comprehensive income (loss) for the years ending December 31, 2004, 2003 and 2002 (in thousands): 

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