Odyssey Re admits material weakness after finite restatement
In a delayed filing of its 2005 annual report, global reinsurer Odyssey Re has admitted that it “did not maintain effective internal controls over the accounting for complex reinsurance transactions, which constitutes a material weakness”.
The delayed report contained a restatement for the years ending December 31, 2000 to 2004 which produced a net negative impact of $23.1m or 1.5% of shareholders’ equity at September 30, 2005.
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