Stamford, Conn.-based reinsurer OdysseyRe said its majority shareholder, Fairfax Financial Holdings Limited, would sell 9 million shares of its holdings in the company.
Fairfax Financial is a Canadian-based financial services company which wholly owned OdysseyRe until it went public in 2001.
The sale allows the underwriters an option to purchase up to 1.35 million more shares to cover over-allotments.
Citigroup Corporate and Investment Banking, and Wachovia Capital Markets are the managers of the sale.
Fairfax would remain the majority shareholder in OdysseyRe with 74 percent of the company's shares at the time of the sale's announcement–more than 52.5 million shares.
The sale would be worth more than $342 million to Fairfax at $38.02 a share which was the stock's sale price on Friday when the announcement was made.
OdysseyRe also said that Patrick W. Kenny was elected to its board of directors and Frank D. Bennett resigned. Mr. Bennett remains a member of the Fairfax board.
Mr. Kenny is president and chief executive officer of the International Insurance Society, a non-profit international insurance group.
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