Odyssey Re Holdings reported second-quarter net profits nearly quadrupling to $202 million from $51 million in the comparable year-ago period.
The Stamford, Conn.-based company announced a restatement of results from 2001 through the first quarter of this year to correct accounting treatment for certain convertible bond and equity investment securities.
The company said the restatement will have no effect on shareholder equity.
Gross premiums written declined for the quarter by 3 percent to $584 million, while net premiums earned of $585 million represented a 3 percent increase from the comparable 2005 period.
The company said the gross premium written decline stemmed from the .2 percent decrease in its worldwide reinsurance business and 9.8 percent decrease in its specialty insurance business, reflecting increased competitive market conditions, particularly in the company's international insurance business written through Lloyd's.
The carrier posted a combined ratio of 95.3, down from 96.5 for the comparable 2005 period. Net catastrophe losses for the quarter came in at $16.9 million, compared with $5.3 million for the year ago period.
Andrew Barnard, the company's chief executive officer, said in a statement, "We achieved the highest level of earnings this quarter in our history as we continued to benefit from solid underwriting and investment performance."
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