Odyssey Re Holdings

Expansion of international reinsurance portfolio and US specialty insurance business reduced impact of cat losses in 2004

Odyssey Re Holdings

Odyssey Re Holdings posted reduced net income of $187mn in 2004 compared with net profits of $249mn for the previous year. Excluding net realised gains, however, the group's after-tax operating income was only moderately down on the previous year, falling by 4% to $113mn. And, despite the impact of $93.5mn in property catastrophe losses from the third-quarter hurricanes and $181mn of prior-year claims reserving, the group's combined ratio rose by only 1.2 points to 98.0%.