Odyssey Re Q1 profit drops

Mon. May 04, 2009; Posted: 03:09 AM

May 04, 2009 (Datamonitor via COMTEX) -- ORH | Quote | Chart | News | PowerRating -- Odyssey Re Holdings has reported a net income available to common shareholders of $870,000, or $0.01 per diluted share, for the first quarter ended March 31, 2009, compared to $249.03 million, or $3.61 per diluted share, for the first quarter ended March 31, 2008.

The company has reported a net loss of $5.79 million for the first quarter of 2009 versus a net income of $250.94 million for the same quarter of 2008.

Operating income after tax was $57.5 million, or $0.95 per diluted share, for the first quarter of 2009, compared to $39.1 million, or $0.57 per diluted share, for the first quarter of 2008.

For the first quarter of 2009, gross premiums written were $554.92 million, a decrease of 3.9%, compared to $577.55 million for the same quarter of 2008. Net premiums written during the first quarter of 2009 were $479 million, a decrease of 7.5%, compared to $517.8 million during the first quarter of 2008.

Total revenues for the first quarter of 2009 were $438.12 million, compared to $907.55 million during the corresponding quarter of 2008.

Net investment income amounted to $67.46 million for the first quarter of 2009, compared to $73.13 million for the first quarter of 2008.

The company's total assets decreased to $9.53 billion at March 31, 2009 from $9.73 billion as of December 31, 2008.

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