Odyssey Re has announced a net loss of $81.7m for the fourth quarter of 2005 compared to to a net income of $57.2m for the same quarter of 2004...
Odyssey Re has announced a net loss of $81.7m for the fourth quarter of 2005 compared to a net income of $57.2m for the same quarter of 2004.
Operating loss after tax was $72.1m, for the quarter, compared to operating income after tax of $49.5m in 2004.
The company said its fourth quarter results include catastrophe losses of $115.4m. This includes net losses after tax of $91m for Hurricane Wilma, and $13.7m in additional losses for Hurricanes Katrina and Rita, an increase of 7.7% over previously reported losses of $178.8m for these two storms.
Gross premiums written for the quarter were $621.6m, a decrease of 6.5% compared to $665.1m for the same quarter of 2004.
Odyssey Re said this reflects a decline of 10.8% in the company's worldwide reinsurance business compared to the fourth quarter of 2004, offset by an 18.6% increase in US specialty insurance business.
Net premiums written during the fourth quarter of 2005 were $526.9m, a decrease of 10.8% over fourth quarter 2004 net premiums written of $590.4m.
Andrew Barnard, president and chief executive, said: "While we are very disappointed with our financial results for the quarter and the full year of 2005, OdysseyRe enters 2006 in the best shape ever. We remain focused on delivering the strong growth in book value we have enjoyed in the past as we continue to see many attractive opportunities to deploy capital."
