Canadian Underwriter

Odyssey Re 3-Q results boosted by capital gains

November 13, 2002   by Canadian Underwriter

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Odyssey Re Holdings Inc.’s (TSX: ORH) net taxed income for the third quarter of this year came in at US$87.8 million, equivalent to US135c a share. Net taxed income for the first nine months of 2002 amounted to US$176.9 million or US272c a share. The net earnings include US$68 million in taxed realized capital gains for the third quarter, and US$80.3 million for the nine month period.
The company’s gross written premiums for the third quarter rose by 66% to US$499.7 million compared with the US$300.8 million reported for the same period the year previous. Gross premiums for the nine months came in 63.7% higher at US$1.3 billion against the US$813.2 million made a year ago. Odyssey Re’s combined ratio at the end of September stood at 99.9% compared with 141.7% reported 12 months previously. “During the [third] quarter, we also took advantage of investment opportunities which resulted in our realizing substantial capital gains, consistent with our long-term value oriented investment philosophy. The realized capital gains, combined with the balance of our net income, contributed to a year-to-date increase in our shareholders’ equity and statutory surplus of 25% and 15% respectively,” observes president Andrew Barnard.

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