STAMFORD, Conn.--(Business Wire)--
Following the completion of the tender offer by Fairfax Financial Holdings
Limited ("Fairfax") for all shares of its common stock not held by Fairfax,
Odyssey Re Holdings Corp. reported the following financial highlights for the
three and nine months ended September 30, 2009:
Three Months
* Net income of $128.2 million
* Gross premiums written of $630.9 million
* Combined ratio of 96.9%
Nine Months
* Net income of $250.8 million
* Gross premiums written of $1,697.2 million
* Combined ratio of 96.7%
At September 30, 2009
* GAAP equity of $3.6 billion
* Total GAAP assets of $10.8 billion
* Statutory surplus of $3.5 billion
"Our experience as a public company has been rewarding, from our initial public
offering in 2001 at $18 a share to the closure of the tender offer at $65,"
commented Andrew A. Barnard, OdysseyRe`s Chief Executive Officer. "During these
years, we have greatly expanded OdysseyRe`s operations around the globe, with
multiple product offerings and new channels of distribution. All the while, we
have closely adhered to the underwriting discipline that underlies our business
strategy. Positive underwriting results, combined with exceptional investment
gains, have strengthened a rock-solid foundation."
This presentation is based on OdysseyRe's consolidated results. For further
information, please refer to OdysseyRe`s website, www.odysseyre.com.
Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and
casualty treaty and facultative reinsurance, as well as specialty insurance.
OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company,
Clearwater Insurance Company, Newline Underwriting Management Limited, Newline
Asia Services Pte. Ltd. and Newline Insurance Company Limited. The Company
underwrites through offices in the United States, London, Paris, Singapore,
Toronto and Mexico City.
Certain statements contained herein may constitute forward-looking statements
and are made pursuant to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements are subject to
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following: a reduction in net income if the Company's loss reserves are
insufficient; the occurrence of catastrophic events with a frequency or severity
exceeding the Company`s estimates; the lowering or loss of one of the Company's
financial or claims-paying ratings, including those of the Company`s
subsidiaries; an inability to realize the Company's investment objectives; a
decrease in the level of demand for the Company's reinsurance or insurance
business, or increased competition; emerging claim and coverage issues; the risk
that ongoing regulatory developments will disrupt the Company's business or
mandate changes in industry practices that increase the Company's costs; changes
in economic conditions, including interest rate, currency, equity and credit
conditions; the Company's inability to access its subsidiaries' cash; loss of
services of any of the Company's key employees; risks related to the Company's
use of reinsurance brokers; failure of the Company's reinsurers to honor their
obligations; regulatory and legislative changes; risks associated with the
growth of the Company's specialty insurance business; and other factors that are
described in the Company's filings with the Securities and Exchange Commission.
Except as otherwise required by federal securities laws, we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise.
Odyssey Re Holdings Corp.
R. Scott Donovan, 203-977-0199
Chief Financial Officer
Copyright Business Wire 2009
