Odyssey Re Profit Up 34% For Fourth Quarter

NU Online News Service, Feb. 9, 9:03 a.m. EST?

For the fourth quarter, the New York-based reinsurer posted $538.8 million in net premiums written, up from $477.5 million reported for same quarter in 2002. The company's net investment income also rose for the quarter to $43.1 million, up from $32.5 million one year ago.

Odyssey's net realized investment gains came in at $15.7 million, improving from $12.3 million during the 2002 fourth quarter. The net combined ratio for the 2003 fourth quarter also improved on a year-over-year basis, to 95.9 percent compared to 98.9 percent for the 2002 fourth quarter.

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