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Odyssey Re Posts Q2 Results

Net income available to common shareholders of $121.8 million, or $2.03 per diluted share

Odyssey Re Holdings has reported net income available to common shareholders of $121.8 million, or $2.03 per diluted share, for the quarter ended June 30, 2009. This is in comparision to $65.2 million, or $0.99 per diluted share, for the quarter ended June 30, 2008.

The operating income after tax (1) was $85.9 million, or $1.43 per diluted share, for the second quarter of 2009, as compared to $35.5 million, or $0.54 per diluted share, for the second quarter of 2008.

For the six months ended June 30, 2009, the net income available to common shareholders was $122.7 million, or $2.04 per diluted share, as compared to $314.2 million, or $4.66 per diluted share, for the comparable period of 2008.

The gross premiums written for the quarter ended June 30, 2009 were $511.4 million, as compared to $566.2 million for the quarter ended June 30, 2008. Gross premiums written related to the company’s insurance business decreased 8.4%, as compared to the quarter ended June 30, 2008.

Odyssey Re Holdings is an underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance.