Odyssey Re reports rise in Q3 earnings

Fri. October 31, 2008; Posted: 01:05 PM

Oct 31, 2008 (Datamonitor via COMTEX) -- ORH | Quote | Chart | News | PowerRating -- Odyssey Re Holdings has reported that net income available to common shareholders was $121.5 million, or $1.96 per diluted share, for the third quarter ended September 30, 2008, compared to $112.1 million, or $1.57 per diluted share, for the third quarter ended September 30, 2007.

Operating loss after tax was $6.4 million, or a loss of $0.10 per diluted share, for the third quarter of 2008, as against an operating income after tax of $55.2 million, or $0.77 per diluted share, for the same quarter of 2007.

Gross premiums written for the quarter were $656.7 million, an increase of 3.3%, as compared to $635.8 million for the prior-year quarter. Net premiums written for the quarter were $571.8 million, a decrease of 0.7%, compared to third quarter 2007 net premiums written of $575.8 million.

For the third quarter of 2008, net investment income declined to $62.5 million from $86.5 million for the comparable quarter in the previous year.

For the nine months ended September 30, 2008, net income available to common shareholders was $435.7 million, or $6.68 per diluted share, as compared to $344.2 million, or $4.79 per diluted share, for the same period of 2007.

Net realized gains, after tax, for the nine months were $367.5 million, or $5.63 per diluted share, compared to $166.9 million, or $2.32 per diluted share, for the first nine months of 2007.

Total invested assets and cash as of September 30, 2008 were $8 billion, or $133.15 per share, an increase from $7.8 billion, or $111.90 per share, at December 31, 2007. Total shareholders' equity was $2.61 billion at September 30, 2008, compared to $2.65 billion at December 31, 2007.

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For full details on Odyssey Re Holdings (ORH) click here. Odyssey Re Holdings (ORH) has Short Term PowerRatings of 4. Details on Odyssey Re Holdings (ORH) Short Term PowerRatings is available at This Link.

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