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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

Aggregate maturities of the Company’ debt obligations, at face value are as follows (in thousands): 

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The Company’s 7.49% senior notes ar subject to certain covenants, none of which significantly restrict the Company’s operating activities or dividend-paying ability As of December 31, 2004, the Company was in compliance with all covenants. 

On September 27, 2004, the Company and its subsidiaries Odyssey America, Clearwater, Hudson and Hudson Specialty entered into a Credit Agreement with Bank of America, as administrative agent, lender and letter of credit issuer, and JPMorgan Chase Bank, Citizens National Bank and PNC Bank, as lenders. The Cr edit Agreement provides for a 364-day revolving credit facility of $90.0 million, which is available for direct, unsecured borrowings by us. The credit facility includes a $65.0 million sub-limit for the issuance of standby letters of credit for our account or one or more of our insurance and reinsurance company subsidiaries. The credit facility will be used for working capital and other corporate purposes, and for the issuance of letters of credit to support reinsurance liabilities. Loans under the credit facility will bear interest at a fluctuating rate per annum equal to the higher of (a) the federal funds rate plus 0.5% and (b) Bank of America’ s publicly announced prime rate. Alternatively, at our option, loans will bear interest at the “Eurodollar Rate,” which is the offered rate that appears on the page of the Telerate screen that displays an average British Bankers Association Interest Settlement Rate for deposits in dollars, plus 1.250%. 

## 18. SEGMENT REPORTING 

The Company’s operations are managed through four distinct divisions: Americas, EuroAsia, London Market and U.S. Insurance. The Americas division is comprised of the Company’ United States reinsurance operations and its Canadian and Latin American offices. The United States operations write treaty property general casualty, specialty casualty, surety, and facultative casualty reinsurance business primarily through professional reinsurance br okers. Treaty business is written through its Canadian branch, while Latin America writes both treaty and facultative business. The EuroAsia division is comprised of offices in Paris, Stockholm, Singapore and Tokyo. The EuroAsia division writes primarily treaty and facultative property business. The Company’s London Market division operates through two distribution channels, Newline at Lloyd’s, where the business focus is casualty insurance, and the Company’s London branch, wher the business focus is worldwide property and casualty reinsurance. The U.S. Insurance division is comprised of Hudson, Hudson Specialty and Clearwater. The U.S. Insurance division writes specialty program insurance business, physicians medical malpractice and hospital professional liability business. 

