Odyssey Re reported fourth quarter net income rose 185 percent, fueled by investment gains–but soft market conditions are expected to challenge future results, the company's chief executive said.
"On the underwriting side, it is not a time for high ambitions," Andrew A Barnard, president and CEO, said during an analyst's call today, noting that there would not be much growth in reinsurance, while intense competition would continue through 2008–affecting premiums negatively.
He indicated that the company's ability to generate significant returns on investments as its premium book shrinks would continue to differentiate the company from other insurers.
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