Canadian Underwriter

Odyssey Re highlights point to strong Q3

October 27, 2003   by Canadian Underwriter

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Early highlights of Odyssey Re Holdings Corp. (NYSE, TSX: ORH) point to a strong third-quarter and first nine months of 2003 for the reinsurance operation of Fairfax Financial.
Gross written premiums (GWP) for the third quarter ending September 30 were US$703 million, an increase of US$203.3 million, or 40.7%, over the same period last year. For the first nine months of 2003, GWP were US$1.9 billion, an increase of US$545.1 million, or 40.9%, over the same period last year.
However, earnings were down on a per-share basis, expected to be between US$0.63 and US$0.65 for the third quarter this year (including US$0.17 from realized gains), versus US$1.35 during the same period in 2002. But the combined ratio dropped under 97% in third-quarter 2002 (Q3 2002: 99.9%), and stands at less than 98% for the nine-month period.
Revenue for third-quarter 2003 was US$526.9 million, including US$17.3 million net realized capital gains, and US$1.7 billion for the nine-month period, including US$187.1 million of net realized capital gains.
Odyssey Re’s full third-quarter results are expected at the end of the month.

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