Odyssey Re Holdings Corp., Stamford, Conn., posted 2006 fourth-quarter earnings of $83.8 million, compared with a loss of $79.2 million in 2005.
The carrier reported gross written premiums of $538.9 million, a 12.8 percent decrease from the same year-ago period.
Those figures represent a decline of 15 percent in the company's worldwide reinsurance business compared with the fourth quarter of 2005, along with a 7.3 percent decline in specialty insurance business.
For the full year, the company reported net income of $499.6 million compared with a loss of $117 million for 2005, and a return on common shareholders equity of 28.3 percent.
The company reported a 94.4 combined ratio for the year and 94.8 for the quarter.
Chief Executive Officer Andrew Barnard said the year contained numerous milestones including reaching $500 million in net income and a 94.4 combined ratio, which represents the carrier's best annual underwriting performance.
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