Odyssey Re Profit Up 34% For Fourth Quarter

NU Online News Service, Feb. 6, 2:11 p.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.

Odyssey Re Chief Executive Officer Andrew Barnard noted that the company's return for its investors remained strong in 2003, producing again a return on stockholders' equity in excess of 20 percent, as it did in 2002.

"We are delighted with the performance of our underwriting operations and investment activity. We expect our strengths will continue to produce solid results in 2004 and beyond," Mr. Barnard said.

For the full-year 2003, Odyssey Re's net income was $249.2 million, up from $208.2 million in profit reported for 2002. Net premiums written for the full year were $2.15 billion, up from $1.63 billion during 2002. The company's yearly net investment income also improved to $134.1 million from $123 million a year ago.

Net realized investment gains for 2003 were $202.7 million, improving from $135.8 million for 2002. The combined ratio also improved, decreasing by 2.3 percentage points to 96.8 percent from 99.1 percent for 2002.

Odyssey Re Holdings Corp. is a global underwriter of property-casualty treaty, program and facultative reinsurance, as well as specialty insurance. The company operates through its subsidiaries: Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company and Newline Underwriting Management Limited.

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