Odyssey Re posts profit for Q1

Insurance Post staff
06 May 2003
Indicative reading time: 1 minute

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New York-based Odyssey Re made a profit of $46.6m in the first quarter of 2003, 17.2% down on the $56...

New York-based Odyssey Re made a profit of $46.6m in the first quarter of 2003, 17.2% down on the $56.3m it made in the same period in 2002.
However, this fall was due to accounting changes made in the first quarter of 2002 that resulted in a one-off gain of $36.9m. Excluding the accounting changes regarding goodwill, the company made a profit of $19.4m during the first quarter of 2002.
Gross premiums written during the first three months of 2003 came to $563.8m, a rise of 39.6% on the 2002 figure of $403.8m. Odyssey Re's combined ratio rose slightly from 98.8% to 98.9%.
President and chief executive Andrew Barnard said: "We are pleased to report once again strong bottom line profits at Odyssey Re. Executing our total return philosophy, book value increased by 7% in the quarter, while after tax return on beginning stockholders' equity came in at an annualised rate of 17.6%. Each of our operating divisions enjoyed solid advances in a buoyant market."

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