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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

## 14. FINANCIAL GUARANTY REINSURANCE 

The Company’s assumed financial guaranty reinsurance exposur e to loss, in the event of nonperformance by the underlying insured and assuming underlying collateral proved to be of no value, was $55.7 million and $74.7 million as of December 31, 2004 and 2003, respectively. It is the responsibility of the ceding insurer to collect and maintain collateral under financial guaranty reinsurance. The Company ceased writing financial guaranty business in 1992. 

As of December 31, 2004, such reinsurance in force had a remaining maturity term of one (1) to 25 years. The approximate distribution of the estimated debt service (principal and interest) of bonds, by type and unearned premiums, for 2004 and 2003 follows (in millions): 

<img src='content_image/23417.jpg'>

The Company has not been provided with a geographic distribution of the debt service from all of its cedants. The following table summarizes the information which has been received by the Company from its cedants (in millions): 

<img src='content_image/23418.jpg'>

