Odyssey Re said it will delay filing its second-quarter report with the Securities and Exchange Commission for about 30 days.
The Stamford, Conn.-based reinsurer's announcement on Tuesday follows the company's statement made previously that it would restate all of its financial results from 2001 through the first quarter of this year to allow for a more appropriate U.S. Generally Accepted Accounting Principles treatment of convertible bond investments.
Odyssey Re said it required additional time to ensure that it has identified and reviewed all investments that would be subject to the restatement.
The company said it expects there will be investments with embedded derivatives in addition to those previously identified that will require restatement, but it does not expect these items to change shareholder equity.
Late last month Odyssey Re's parent, Fairfax Financial Holdings Ltd., Toronto, also said it would restate its earnings to correct a non-cash accounting misclassification dating back to 2001.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.