Odyssey Re Holdings Corp. reported a 183 percent increase in first quarter gains helped by a sharp increase in net realized investment gains, but warned of a challenging underwriting environment affecting its future.
For the first quarter of 2008 the Stamford, Conn.-based company reported net income of $250.9 million compared to only $88.6 million figure reported in the first quarter of 2007, primarily on net realized investment gains.
In a conference call, Odyssey Re President and Chief Executive Officer Andy Barnard noted the company has experienced its second straight quarter of record net income, and attributed that to its investments. In contrast, Mr. Barnard said that the underwriting side continues to weaken "pretty much across the board."
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