Odyssey Re Holdings Corp. announced a fourth-quarter loss and arestatement of earnings stemming from finite insurance accountingirregularities.
|For the fourth quarter of 2005 the company lost $81.7 millioncompared to earnings of $57.2 million in the comparable period in2004.
|The Stamford, Conn.-based company also announced it wasrestating results from 2001 through 2004 along with the first threequarters of last year after an internal review of contracts withfinite characteristics.
|As a result of the restatement, net income for 2004 will beincreased by $16.1 million, but will be reduced by $2.4 million forthe nine months ending Sept. 30, 2005.
|The company's fourth-quarter 2005 figures include catastrophelosses net of reinsurance premiums of $115.4 million on anafter-tax basis. A total of $91 million stemmed from HurricaneWilma and $13.7 million of insured losses were added to the totalsfor Hurricanes Katrina and Rita.
|The fourth-quarter combined ratio was 126.9 compared to 93.5 forthe comparable period in 2004.
|For the full year 2005, the company recorded a loss of $101.8million compared to earnings of $203 million for 2004.
|The combined ratio for 2005 was 117.2 compared to 96.9 for theprevious year.
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