Odyssey Re reports fall in Q4 earnings

Fri. February 20, 2009; Posted: 01:26 AM

Feb 20, 2009 (Datamonitor via COMTEX) -- ORH | Quote | Chart | News | PowerRating -- Odyssey Re Holdings has reported that net income available to common shareholders was $107.4 million, or $1.80 per diluted share, for the fourth quarter ended December 31, 2008, compared to $243 million, or $3.48 per diluted share, for the fourth quarter ended December 31, 2007.

Operating income after tax was $24.9 million, or $0.42 per diluted share, for the fourth quarter of 2008, compared to $59.5 million, or $0.85 per diluted share, for the fourth quarter of 2007.

Gross premiums written for the fourth quarter of 2008 were $494.1 million, a decrease of 5.9%, compared to $525.3 million for the same quarter of 2007. Net premiums written during the fourth quarter of 2008 were $437.7 million, a decrease of 9.3%, compared to $482.4 million for the fourth quarter of 2007.

For the year ended December 31, 2008, net income available to common shareholders was $543.1 million, or $8.50 per diluted share, compared to $587.2 million, or $8.23 per diluted share, for the year ended December 31, 2007.

Operating income after tax was $93.1 million, or $1.46 per diluted share, for the year 2008, compared to $236.8 million, or $3.32 per diluted share, for the year 2007.

Gross premiums written for the year 2008 were $2.29 billion, compared to $2.28 billion for the year 2007. Net premiums written over the same period decreased to $2.03 billion from $2.09 billion.

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