##### 



Exhibit 99.1 (ODYSSEY RE LOGO) NEWS RELEASE For immediate release Contact:   Charles D. Troiano at (212) 978-4710 Odyssey Re Holdings Corp. Reports 2004 Second Quarter
and Six Month Results New York, NY  July 29, 2004  Odyssey Re Holdings Corp. (NYSE: ORH) today
reported its second quarter results. Operating income after taxes, which excludes net realized capital gains, for
the second quarter 2004 increased 39.7% to $38.0 million, or $0.58 per common
share, compared to $27.2 million, or $0.42 per common share for the second
quarter 2003. Operating income after tax was $74.3 million, or $1.14 per
common share for the six months ended June 30, 2004, an increase of 52%
compared to $48.9 million, or $0.75 per common share for the same period in
2003. All references to per share amounts in this earnings release are on a
diluted basis. Net income after tax amounted to $59.1 million, or $0.91 per common share for
the quarter ended June 30, 2004, compared to $112.7 million or $1.73 per common
share for the quarter ended June 30, 2003. Included in the second quarter 2004
and 2003 net income, were net realized capital gains of $32.4 million and
$131.6 million, respectively, which on an after-tax basis, amounted to $21.1
million and $85.5 million, or $0.33 and $1.31 per common share, respectively. For the six months ended June 30, 2004, net income after tax was $118.0
million, or $1.81 per common share, compared to net income after tax of $159.3
million, or $2.45 per common share for the six months ended June 30, 2003. Net
after-tax realized capital gains for the six months ended June 30, 2004 were
$43.7 million, or $0.67 per common share, compared to $110.4 million, or $1.70
per common share for the six months ended June 30, 2003. The net combined ratio for the second quarter 2004 was 94.8% compared to 96.4%
for the second quarter 2003. For the six months ended June 30, 2004, the
combined ratio improved by 2.7 percentage points to 94.9% from 97.6% for the
first half of 2003. Stockholders equity amounted to $1.4 billion at June 30, 2004, an increase of
$107.4 million, or 8.4%, compared to June 30, 2003. Commenting on the second quarter and first half results, Andrew A. Barnard,
President and Chief Executive Officer, stated, We are pleased to report
another quarter of strong results. The combination of our opportunistic,
disciplined underwriting culture with our value oriented, total return
investment approach, has resulted in a Return on Equity through the first 6
months of 17%. While opportunities for growth are less plentiful than over the
last several years, we anticipate that the advantages we enjoy through our
diverse operations will continue to provide a strong platform for profitable
growth in the future. Gross premiums written for the three months ended June 30, 2004 were $612.0
million compared to $609.9 million for the three months ended June 30, 2003.
Net premiums written for the second quarter 2004 were $550.0 million compared
to $542.7 million for the prior years second quarter. For the six months
ended June 30, 2004, gross premiums written were $1.24 billion compared to
$1.17 billion for the same period in 2003. Net premiums written for the six
months ended June 30, 2004 were $1.10 billion compared to $1.03 billion for the
same period in 2003. Net investment income, excluding net realized capital gains, amounted to $35.1
million for the second quarter 2004, compared to $26.7 million for the second
quarter 2003. Total net investment results, which include net investment
income and net realized capital gains, amounted to $67.5 million in the second
quarter 2004, compared to $158.3 million in the second quarter 2003. For the
six months ended June 30, 2004, net investment income, excluding net realized
capital gains, amounted to $70.6 million compared to $59.1 million for the same
period in 2003. Total net investment results for the six months ended June 30,
2004 amounted to $137.8 million, compared to $229.0 million for the six months
ended June 30, 2003.




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##### 



For the three months ended June 30, 2004, net cash flow from operations was
$100.0 million, compared to net cash flow from operations of $101.8 million for
the second quarter 2003. For the six months ended June 30, 2004 net cash flow
from operations amounted to $234.4 million, compared to the year ago six months
figure of $213.2 million. At June 30, 2004 investments and cash totaled $4.3 billion, an increase of
$101.9 million from December 31, 2003; total assets amounted to $6.7 billion at
June 30, 2004. Net book value per common share at June 30, 2004 was $21.49. OdysseyRe paid a cash dividend of $0.3125 per share on June 30, 2004. The
total dividend payment amounted to approximately $2.0 million. On July 2, 2004 OdysseyRe announced it entered into a stock purchase agreement
to acquire Overseas Partners US Reinsurance Company. # # # Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and
casualty treaty, program and facultative reinsurance, as well as specialty
insurance. OdysseyRe operates through its subsidiaries, Odyssey America
Reinsurance Corporation, Hudson Insurance Company, Clearwater Insurance
Company, Hudson Specialty Insurance Company and Newline Underwriting Management
Limited. With $1.4 billion in stockholders equity at June 30, 2004, the
Company underwrites through four divisions: Americas, EuroAsia, London Market
and U.S. Insurance, with major underwriting centers in the United States,
London, Paris, Singapore, Toronto and Latin America. Odyssey Re Holdings Corp. is listed on the New York Stock Exchange under the
symbol ORH. OdysseyRe is rated A (Excellent) by A.M. Best Company and A-
(Strong) by Standard & Poors. # # # Certain statements contained herein may constitute forward-looking statements
and are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among others, the
following: the occurrence of catastrophic events with a frequency or severity
exceeding the Companys estimates; the lowering or loss of one of the Companys
financial or claims-paying ratings, including those of the Companys
subsidiaries; changes in interest rates; changes in premium volumes; increased
competition; regulatory and legislative changes; changes in loss payment
patterns; changes in estimated overall adequacy of loss and LAE reserves;
changes in key management personnel; changes in general market or economic
conditions; and other factors which are described in the Companys filings with
the Securities and Exchange Commission. # # # Visit OdysseyRes Web site  www.odysseyre.com  for additional information
about the Company. In addition, anyone may view the Companys historical press
releases and filings with the Securities and Exchange Commission, which provide
additional data regarding the Companys prior quarterly and year-to-date
results. This historical information may be found on OdysseyRes web site
under Investor Information. # # # Consolidated financial and segment information follows:




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2004 (UNAUDITED) AND DECEMBER 31, 2003
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) June 30,
    
    December 31,2004
    
    2003ASSETSInvestments and cash:Fixed income securities, at fair value (amortized cost $2,571,422 and $1,605,378, respectively)
    
    $
    2,471,091
    
    
    $
    1,597,688Equity securities:Common stocks, at fair value (cost $394,252 and $376,215, respectively)
    
    
    440,311
    
    
    
    447,700Common stocks, at equity
    
    
    120,598
    
    
    
    117,489Short-term investments, at cost which approximates fair value
    
    
    204,458
    
    
    
    218,208Other invested assets
    
    
    406,692
    
    
    
    267,504Cash and cash equivalents
    
    
    696,016
    
    
    
    1,588,659Total investments and cash
    
    
    4,339,166
    
    
    
    4,237,248Investment income due and accrued
    
    
    38,841
    
    
    
    21,668Reinsurance balances receivable
    
    
    511,138
    
    
    
    499,680Reinsurance recoverables on loss payments
    
    
    117,906
    
    
    
    83,448Reinsurance recoverables on unpaid losses
    
    
    1,069,798
    
    
    
    1,058,623Prepaid reinsurance premiums
    
    
    96,101
    
    
    
    110,881Funds held by ceding insurers
    
    
    133,865
    
    
    
    124,464Deferred acquisition costs
    
    
    167,279
    
    
    
    168,289Federal and foreign income taxes
    
    
    120,889
    
    
    
    71,183Other assets
    
    
    105,715
    
    
    
    84,572Total assets
    
    $
    6,700,698
    
    
    $
    6,460,056LIABILITIESUnpaid losses and loss adjustment expenses
    
    $
    3,684,731
    
    
    $
    3,400,277Unearned premiums
    
    
    786,284
    
    
    
    819,840Debt obligations
    
    
    376,516
    
    
    
    376,892Reinsurance balances payable
    
    
    144,491
    
    
    
    121,457Funds held under reinsurance contracts
    
    
    202,223
    
    
    
    199,763Other liabilities
    
    
    114,223
    
    
    
    151,592Total liabilities
    
    
    5,308,468
    
    
    
    5,069,821STOCKHOLDERS EQUITYPreferred stock, $0.01 par value; 200,000,000 shares authorized; 0 shares issued
    
    
    
    
    
    
    Common stock, $0.01 par value; 500,000,000 shares authorized; 65,142,857 shares issued
    
    
    651
    
    
    
    651Additional paid-in capital
    
    
    794,063
    
    
    
    793,586Treasury stock, at cost (359,031 and 146,691 shares, respectively)
    
    
    (8,662
    )
    
    
    (2,549
    )Unearned compensation
    
    
    (6,908
    )
    
    
    (3,439
    )Accumulated other comprehensive income, net of deferred income taxes
    
    
    9,582
    
    
    
    112,430Retained earnings
    
    
    603,504
    
    
    
    489,556Total stockholders equity
    
    
    1,392,230
    
    
    
    1,390,235Total liabilities and stockholders equity
    
    $
    6,700,698
    
    
    $
    6,460,056




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
SIX AND THREE MONTHS ENDED JUNE 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Six Months
    
    Six Months
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    Ended
    
    EndedJune 30,
    
    June 30,
    
    June 30,
    
    June 30,2004
    
    2003
    
    2004
    
    2003REVENUESGross premiums written
    
    $
    1,241,459
    
    
    $
    1,173,717
    
    
    $
    611,976
    
    
    $
    609,876Ceded premiums written
    
    
    138,209
    
    
    
    141,074
    
    
    
    61,965
    
    
    
    67,162Net premiums written
    
    
    1,103,250
    
    
    
    1,032,643
    
    
    
    550,011
    
    
    
    542,714Decrease (increase) in unearned premiums
    
    
    23,125
    
    
    
    (104,172
    )
    
    
    30,103
    
    
    
    (61,566
    )Net premiums earned
    
    
    1,126,375
    
    
    
    928,471
    
    
    
    580,114
    
    
    
    481,148Net investment income
    
    
    70,567
    
    
    
    59,140
    
    
    
    35,105
    
    
    
    26,740Net realized investment gains
    
    
    67,256
    
    
    
    169,815
    
    
    
    32,417
    
    
    
    131,551Total revenues
    
    
    1,264,198
    
    
    
    1,157,426
    
    
    
    647,636
    
    
    
    639,439EXPENSESLosses and loss adjustment expenses
    
    
    747,318
    
    
    
    627,459
    
    
    
    383,761
    
    
    
    321,734Acquisition costs
    
    
    257,489
    
    
    
    233,095
    
    
    
    132,008
    
    
    
    116,997Other underwriting expenses
    
    
    63,880
    
    
    
    45,963
    
    
    
    33,971
    
    
    
    25,204Other expense, net
    
    
    4,956
    
    
    
    3,697
    
    
    
    2,596
    
    
    
    730Interest expense
    
    
    12,799
    
    
    
    4,929
    
    
    
    6,405
    
    
    
    2,883Total expenses
    
    
    1,086,442
    
    
    
    915,143
    
    
    
    558,741
    
    
    
    467,548Income before income taxes
    
    
    177,756
    
    
    
    242,283
    
    
    
    88,895
    
    
    
    171,891Federal and foreign income tax provision (benefit):Current
    
    
    61,013
    
    
    
    89,448
    
    
    
    35,903
    
    
    
    55,728Deferred
    
    
    (1,263
    )
    
    
    (6,431
    )
    
    
    (6,059
    )
    
    
    3,476Total federal and
foreign income tax
provision
    
    
    59,750
    
    
    
    83,017
    
    
    
    29,844
    
    
    
    59,204NET INCOME
    
    $
    118,006
    
    
    $
    159,266
    
    
    $
    59,051
    
    
    $
    112,687BASICWeighted average shares outstanding
    
    
    64,385,021
    
    
    
    64,721,288
    
    
    
    64,311,432
    
    
    
    64,732,356Basic earnings per share
    
    $
    1.83
    
    
    $
    2.46
    
    
    $
    0.92
    
    
    $
    1.74DILUTEDWeighted average shares outstanding
    
    
    65,215,627
    
    
    
    65,085,416
    
    
    
    65,161,596
    
    
    
    65,121,690Diluted earnings per share
    
    $
    1.81
    
    
    $
    2.45
    
    
    $
    0.91
    
    
    $
    1.73DIVIDENDSDividends declared per share
    
    $
    0.0625
    
    
    $
    0.05
    
    
    $
    0.03125
    
    
    $
    0.025COMPREHENSIVE INCOMENet income
    
    $
    118,006
    
    
    $
    159,266
    
    
    $
    59,051
    
    
    $
    112,687Other comprehensive (loss) income, net of tax
    
    
    (102,848
    )
    
    
    72,187
    
    
    
    (97,617
    )
    
    
    44,704Comprehensive income (loss)
    
    $
    15,158
    
    
    $
    231,453
    
    
    $
    (38,566
    )
    
    $
    157,391




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
SIX MONTHS ENDED JUNE 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Six Months
    
    Six MonthsEnded
    
    EndedJune 30,
    
    June 30,2004
    
    2003COMMON STOCKBalance, beginning and end of period
    
    $
    651
    
    
    $
    651ADDITIONAL PAID-IN CAPITALBalance, beginning of period
    
    
    793,586
    
    
    
    793,334Net increase during the period
    
    
    477
    
    
    
    Balance, end of period
    
    
    794,063
    
    
    
    793,334TREASURY STOCKBalance, beginning of period
    
    
    (2,549
    )
    
    
    (2,305
    )Purchases during the period
    
    
    (10,091
    )
    
    
    Reissuance during the period
    
    
    3,978
    
    
    
    Balance, end of period
    
    
    (8,662
    )
    
    
    (2,305
    )UNEARNED COMPENSATIONBalance, beginning of period
    
    
    (3,439
    )
    
    
    (4,572
    )Issuance of restricted stock during the period
    
    
    (4,328
    )
    
    
    Amortization during the period
    
    
    859
    
    
    
    567Balance, end of period
    
    
    (6,908
    )
    
    
    (4,005
    )ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS),NET OF DEFERRED INCOME TAXESBalance, beginning of period
    
    
    112,430
    
    
    
    21,736Net (decease) increase during the period
    
    
    (102,848
    )
    
    
    72,187Balance, end of period
    
    
    9,582
    
    
    
    93,923RETAINED EARNINGSBalance, beginning of period
    
    
    489,556
    
    
    
    247,239Net income
    
    
    118,006
    
    
    
    159,266Dividends to stockholders
    
    
    (4,058
    )
    
    
    (3,250
    )Balance, end of period
    
    
    603,504
    
    
    
    403,255TOTAL STOCKHOLDERS EQUITY
    
    $
    1,392,230
    
    
    $
    1,284,853COMMON SHARES OUTSTANDINGBalance, beginning of period
    
    
    64,996,166
    
    
    
    65,003,963Net treasury shares acquired during the period
    
    
    (212,340
    )
    
    
    Balance, end of period
    
    
    64,783,826
    
    
    
    65,003,963




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS) Six Months
    
    Six MonthsEnded
    
    EndedJune 30,
    
    June 30,2004
    
    2003OPERATING ACTIVITIESNet income
    
    $
    118,006
    
    
    $
    159,266Adjustments to reconcile net income to net cash provided by
operating activities:Reinsurance balances and funds held, net
    
    
    (29,823
    )
    
    
    (228,532
    )Unearned premiums
    
    
    (18,776
    )
    
    
    107,504Unpaid losses and loss adjustment expenses
    
    
    273,279
    
    
    
    313,000Federal and foreign income taxes
    
    
    4,579
    
    
    
    25,304Other assets and liabilities, net
    
    
    (39,862
    )
    
    
    26,361Deferred acquisition costs
    
    
    1,010
    
    
    
    (15,656
    )Net realized investment gains
    
    
    (67,256
    )
    
    
    (169,815
    )Bond discount amortization, net
    
    
    (6,740
    )
    
    
    (4,263
    )Net cash provided by operating activities
    
    
    234,417
    
    
    
    213,169INVESTING ACTIVITIESMaturities of fixed income securities
    
    
    3,542
    
    
    
    17,050Sales of fixed income securities
    
    
    892,172
    
    
    
    3,766,631Purchases of fixed income securities
    
    
    (1,873,284
    )
    
    
    (3,019,833
    )Sales of equity securities
    
    
    131,454
    
    
    
    71,752Purchases of equity securities
    
    
    (115,783
    )
    
    
    (67,079
    )Purchases of other invested assets
    
    
    (164,423
    )
    
    
    (6,327
    )Decrease in short-term investments
    
    
    16,505
    
    
    
    52,667Net cash (used in) provided by investing activities
    
    
    (1,109,817
    )
    
    
    814,861FINANCING ACTIVITIESDividends
    
    
    (4,058
    )
    
    
    (3,250
    )Sale of interest rate contract
    
    
    
    
    
    
    8,667Purchase of treasury stock
    
    
    (10,091
    )
    
    
    Net cash (used in) provided by financing activities
    
    
    (14,149
    )
    
    
    5,417Effect of exchange rate changes on cash
    
    
    (3,094
    )
    
    
    (Decrease) increase in cash and cash equivalents
    
    
    (892,643
    )
    
    
    1,033,447Cash and cash equivalents, beginning of period
    
    
    1,588,659
    
    
    
    484,744Cash and cash equivalents, end of period
    
    $
    696,016
    
    
    $
    1,518,191




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##### 



ODYSSEY RE HOLDINGS CORP.
BUSINESS SEGMENTS
FOR THE SIX AND THREE MONTHS ENDED
JUNE 30, 2004 AND 2003
(UNAUDITED)
(IN THOUSANDS) Six Months
    
    Six Months
    
    
    
    
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    
    
    
    
    Ended
    
    EndedJune 30,
    
    June 30,
    
    %
    
    June 30,
    
    June 30,
    
    %2004
    
    2003
    
    Change
    
    2004
    
    2003
    
    ChangeGROSS PREMIUMS WRITTENAmericas
    
    $
    618,879
    
    
    $
    682,135
    
    
    
    (9.3
    )%
    
    $
    289,879
    
    
    $
    340,747
    
    
    
    (14.9
    )%EuroAsia
    
    
    268,416
    
    
    
    182,169
    
    
    
    47.3
    
    
    
    142,603
    
    
    
    99,274
    
    
    
    43.6London Market
    
    
    187,601
    
    
    
    190,345
    
    
    
    (1.4
    )
    
    
    102,896
    
    
    
    117,275
    
    
    
    (12.3
    )U.S. Insurance
    
    
    184,428
    
    
    
    137,871
    
    
    
    33.8
    
    
    
    83,134
    
    
    
    57,272
    
    
    
    45.2Total*
    
    $
    1,259,324
    
    
    $
    1,192,520
    
    
    
    5.6
    %
    
    $
    618,512
    
    
    $
    614,568
    
    
    
    0.6
    %NET PREMIUMS WRITTENAmericas
    
    $
    592,230
    
    
    $
    633,339
    
    
    
    (6.5
    )%
    
    $
    278,033
    
    
    $
    314,720
    
    
    
    (11.7
    )%EuroAsia
    
    
    255,702
    
    
    
    172,745
    
    
    
    48.0
    
    
    
    133,953
    
    
    
    92,668
    
    
    
    44.6London Market
    
    
    161,380
    
    
    
    165,344
    
    
    
    (2.4
    )
    
    
    91,863
    
    
    
    106,836
    
    
    
    (14.0
    )U.S. Insurance
    
    
    93,938
    
    
    
    61,215
    
    
    
    53.5
    
    
    
    46,162
    
    
    
    28,490
    
    
    
    62.0Total
    
    $
    1,103,250
    
    
    $
    1,032,643
    
    
    
    6.8
    %
    
    $
    550,011
    
    
    $
    542,714
    
    
    
    1.3
    %NET PREMIUMS EARNEDAmericas
    
    $
    607,677
    
    
    $
    584,762
    
    
    
    3.9
    %
    
    $
    310,453
    
    
    $
    293,483
    
    
    
    5.8
    %EuroAsia
    
    
    231,822
    
    
    
    164,508
    
    
    
    40.9
    
    
    
    116,197
    
    
    
    86,925
    
    
    
    33.7London Market
    
    
    203,178
    
    
    
    146,272
    
    
    
    38.9
    
    
    
    106,515
    
    
    
    82,305
    
    
    
    29.4U.S. Insurance
    
    
    83,698
    
    
    
    32,929
    
    
    
    154.2
    
    
    
    46,949
    
    
    
    18,435
    
    
    
    154.7Total
    
    $
    1,126,375
    
    
    $
    928,471
    
    
    
    21.3
    %
    
    $
    580,114
    
    
    $
    481,148
    
    
    
    20.6
    %
 Six Months
    
    Six Months
    
    
    
    
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    Percentage
    
    Ended
    
    Ended
    
    PercentageJune 30,
    
    June 30,
    
    Point
    
    June 30,
    
    June 30,
    
    Point2004
    
    2003
    
    Change
    
    2004
    
    2003
    
    ChangeLOSSES AND LOSS
ADJUSTMENTEXPENSES RATIOAmericas
    
    
    66.8
    %
    
    
    68.0
    %
    
    
    (1.2
    )
    
    
    68.6
    %
    
    
    66.4
    %
    
    
    2.2EuroAsia
    
    
    64.0
    
    
    
    68.6
    
    
    
    (4.6
    )
    
    
    62.1
    
    
    
    70.4
    
    
    
    (8.3
    )London Market
    
    
    66.1
    
    
    
    63.8
    
    
    
    2.3
    
    
    
    62.5
    
    
    
    64.8
    
    
    
    (2.3
    )U.S. Insurance
    
    
    70.6
    
    
    
    71.2
    
    
    
    (0.6
    )
    
    
    68.0
    
    
    
    66.6
    
    
    
    1.4Total
    
    
    66.4
    %
    
    
    67.6
    %
    
    
    (1.2
    )
    
    
    66.2
    %
    
    
    66.9
    %
    
    
    (0.7
    )ACQUISITION COSTS AND OTHER
UNDERWRITING EXPENSES RATIOAmericas
    
    
    31.8
    %
    
    
    32.4
    %
    
    
    (0.6
    )
    
    
    30.9
    %
    
    
    31.4
    %
    
    
    (0.5
    )EuroAsia
    
    
    26.2
    
    
    
    23.9
    
    
    
    2.3
    
    
    
    27.7
    
    
    
    24.7
    
    
    
    3.0London Market
    
    
    25.3
    
    
    
    29.2
    
    
    
    (3.9
    )
    
    
    25.0
    
    
    
    28.6
    
    
    
    (3.6
    )U.S. Insurance
    
    
    18.7
    
    
    
    22.6
    
    
    
    (3.9
    )
    
    
    24.2
    
    
    
    28.0
    
    
    
    (3.8
    )Total
    
    
    28.5
    %
    
    
    30.0
    %
    
    
    (1.5
    )
    
    
    28.6
    %
    
    
    29.5
    %
    
    
    (0.9
    )COMBINED RATIOAmericas
    
    
    98.6
    %
    
    
    100.4
    %
    
    
    (1.8
    )
    
    
    99.5
    %
    
    
    97.8
    %
    
    
    1.7EuroAsia
    
    
    90.2
    
    
    
    92.5
    
    
    
    (2.3
    )
    
    
    89.8
    
    
    
    95.1
    
    
    
    (5.3
    )London Market
    
    
    91.4
    
    
    
    93.0
    
    
    
    (1.6
    )
    
    
    87.5
    
    
    
    93.4
    
    
    
    (5.9
    )U.S. Insurance
    
    
    89.3
    
    
    
    93.8
    
    
    
    (4.5
    )
    
    
    92.2
    
    
    
    94.6
    
    
    
    (2.4
    )Total
    
    
    94.9
    %
    
    
    97.6
    %
    
    
    (2.7
    )
    
    
    94.8
    %
    
    
    96.4
    %
    
    
    (1.6
    )
   *
    
    A portion of the gross premiums written by the U.S. Insurance division has been ceded to, and is also included in, the Americas divisions gross premiums written. Accordingly, the total gross premiums written as shown in the table above
does not agree to the gross premiums written of $1,241,459 and $1,173,717 for the six months ended June 30, 2004 and 2003, respectively and $611,976 and $609,876 for the three months ended June 30, 2004 and 2003, respectively, reflected in
the consolidated statements of operations.