##### 



(ODYSSEY LOGO) NEWS RELEASE For immediate release Contact: Charles D. Troiano at (212) 978-4710 Odyssey Re Holdings Corp. Reports 2004 Third Quarter
and Nine Month Results New York, NY  October 28, 2004  Odyssey Re Holdings Corp. (NYSE: ORH) today
reported its third quarter and nine months ended September 30, 2004 results. Net income amounted to $18.0 million, or $0.28 per common share for the quarter
ended September 30, 2004, compared to $42.3 million or $0.65 per common share
for the quarter ended September 30, 2003. Included in the third quarter 2004
and 2003 net income were net realized capital gains after taxes of $21.8
million and $11.2 million, or $0.34 and $0.17 per common share, respectively.
All references to per share amounts in this earnings release are on a diluted
basis. For the nine months ended September 30, 2004, net income was $136.0 million, or
$2.09 per common share, compared to net income of $201.6 million, or $3.10 per
common share for the nine months ended September 30, 2003. Net realized
capital gains after taxes for the nine months ended September 30, 2004 were
$65.6 million, or $1.01 per common share, compared to $121.6 million, or $1.87
per common share, for the nine months ended September 30, 2003. Operating loss(1) after taxes, which excludes net realized capital gains, for
the third quarter 2004 was $3.8 million, or $0.06 per common share, compared to
operating income after taxes of $31.1 million or $0.48 per common share for the
third quarter 2003. Operating income after taxes was $70.4 million or $1.08
per common share for the nine months ended September 30, 2004, compared to
$80.0 million, or $1.23 per common share, for the same period in 2003. The net after tax loss from the effects of Hurricanes Charley, Frances, Ivan
and Jeanne amounted to approximately $55.7 million in the third quarter. The combined ratio for the third quarter 2004 was 106.9%, compared to 96.3% for
the third quarter 2003. For the nine months ended September 30, 2004, the
combined ratio was 99.0%, compared to 97.2% for the comparable period of 2003. Stockholders equity amounted to $1.4 billion at September 30, 2004, an
increase of $70.3 million, or 5.3%, compared to September 30, 2003. Commenting on the third quarter and nine month results, Andrew A. Barnard,
President and Chief Executive Officer, stated, OdysseyRes return on equity
through the first three quarters stands at 13%, despite the unprecedented storm
activity in the third quarter. Our diversified platform continues to generate
a strong flow of profitable opportunities worldwide. Gross premiums written for the three months ended September 30, 2004 were
$754.2 million, compared to $703.0 million for the three months ended September
30, 2003. Net premiums written for the third quarter 2004 were $671.3 million,
compared to $582.2 million for the prior years third quarter. For the nine
months ended September 30, 2004, gross premiums written were $2.0 billion,
compared to $1.9 billion for the same period in 2003. Net premiums written for
the nine months ended September 30, 2004 were $1.8 billion, compared to $1.6
billion for the same period in 2003. Net investment income, excluding net realized capital gains, amounted to $46.2
million for the third quarter 2004, compared to $31.8 million for the third
quarter 2003. Total net investment results, which include net investment
income and net realized capital gains, amounted to $79.8 million in the third
quarter 2004, compared to $49.1 million in the third quarter 2003. For the
nine months ended September 30, 2004, net investment income,




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##### 



excluding net realized capital gains, amounted to $116.8 million, compared to
$91.0 million for the same period in 2003. Total net investment results for
the nine months ended September 30, 2004 amounted to $217.6 million, compared
to $278.1 million for the nine months ended September 30, 2003. For the three months ended September 30, 2004, net cash flow from operations
was $221.2 million, compared to net cash flow from operations of $182.0 million
for the third quarter 2003. For the nine months ended September 30, 2004, net
cash flow from operations amounted to $455.7 million, compared to the year ago
nine months figure of $395.2 million. At September 30, 2004, investments and cash totaled $5.3 billion; total assets
amounted to $7.7 billion; and net book value per common share was $21.62. OdysseyRe paid a cash dividend of $0.03125 per share on September 30, 2004.
The total dividend payment amounted to approximately $2.0 million. (1) Operating income or loss after taxes is a non-GAAP financial measure
often used to evaluate performance. Operating income or loss after taxes is
equal to net income, excluding net realized capital gains or losses, after
taxes. A reconciliation of net income to operating income or loss after taxes
and the related per common share amounts are as follows (in millions, except
per share amounts): Three Months Ended,September 30,(unaudited)2004
    
    2003Per share
    
    
    
    
    
    Per share$
    
    amount
    
    $
    
    amountNet income
    
    $
    18.0
    
    
    $
    0.28
    
    
    $
    42.3
    
    
    $
    0.65Net realized capital gains, after taxes
    
    
    21.8
    
    
    
    0.34
    
    
    
    11.2
    
    
    
    0.17Operating (loss) income, after taxes
    
    $
    (3.8
    )
    
    $
    (0.06
    )
    
    $
    31.1
    
    
    $
    0.48
 Nine Months Ended,September 30,(unaudited)2004
    
    2003Per share
    
    
    
    
    
    Per share$
    
    amount
    
    $
    
    amountNet income
    
    $
    136.0
    
    
    $
    2.09
    
    
    $
    201.6
    
    
    $
    3.10Net realized capital gains, after taxes
    
    
    65.6
    
    
    
    1.01
    
    
    
    121.6
    
    
    
    1.87Operating income, after taxes
    
    $
    70.4
    
    
    $
    1.08
    
    
    $
    80.0
    
    
    $
    1.23
 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 September 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.




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##### 



# # # 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
SEPTEMBER 30, 2004 (UNAUDITED) AND DECEMBER 31, 2003
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) September 30,
    
    December 31,2004
    
    2003ASSETSInvestments and cash:Fixed income securities, at fair value (amortized cost $2,433,881 and $1,605,378, respectively)
    
    $
    2,391,961
    
    
    $
    1,597,688Equity securities:Common stocks, at fair value (cost $755,213 and $376,215, respectively)
    
    
    746,356
    
    
    
    447,700Common stocks, at equity
    
    
    122,053
    
    
    
    117,489Short-term investments, at cost which approximates fair value
    
    
    210,963
    
    
    
    218,208Other invested assets
    
    
    186,746
    
    
    
    267,504Cash and cash equivalents
    
    
    869,345
    
    
    
    1,588,659Cash collateral for borrowed securities
    
    
    757,000
    
    
    
    Total investments and cash
    
    
    5,284,424
    
    
    
    4,237,248Investment income due and accrued
    
    
    29,997
    
    
    
    21,668Reinsurance balances receivable
    
    
    530,742
    
    
    
    499,680Reinsurance recoverables on loss payments
    
    
    110,887
    
    
    
    83,448Reinsurance recoverables on unpaid losses
    
    
    1,080,462
    
    
    
    1,058,623Prepaid reinsurance premiums
    
    
    104,072
    
    
    
    110,881Funds held by ceding insurers
    
    
    149,113
    
    
    
    124,464Deferred acquisition costs
    
    
    180,860
    
    
    
    168,289Federal and foreign income taxes
    
    
    139,873
    
    
    
    71,183Other assets
    
    
    125,166
    
    
    
    84,572Total assets
    
    $
    7,735,596
    
    
    $
    6,460,056LIABILITIESUnpaid losses and loss adjustment expenses
    
    $
    3,916,641
    
    
    $
    3,400,277Unearned premiums
    
    
    874,460
    
    
    
    819,840Reinsurance balances payable
    
    
    127,314
    
    
    
    121,457Funds held under reinsurance contracts
    
    
    192,693
    
    
    
    199,763Debt obligations
    
    
    376,328
    
    
    
    376,892Obligation to return borrowed securities
    
    
    516,947
    
    
    
    Other liabilities
    
    
    330,637
    
    
    
    151,592Total liabilities
    
    
    6,335,020
    
    
    
    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
    
    
    794,055
    
    
    
    793,586Treasury stock, at cost (364,873 and 146,691 shares, respectively)
    
    
    (8,803
    )
    
    
    (2,549
    )Unearned compensation
    
    
    (6,165
    )
    
    
    (3,439
    )Accumulated other comprehensive income, net of deferred income taxes
    
    
    1,337
    
    
    
    112,430Retained earnings
    
    
    619,501
    
    
    
    489,556Total stockholders equity
    
    
    1,400,576
    
    
    
    1,390,235Total liabilities and stockholders equity
    
    $
    7,735,596
    
    
    $
    6,460,056




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
NINE AND THREE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Nine Months
    
    Nine Months
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    Ended
    
    EndedSeptember 30,
    
    September 30,
    
    September 30,
    
    September 30,2004
    
    2003
    
    2004
    
    2003REVENUESGross premiums written
    
    $
    1,995,691
    
    
    $
    1,876,670
    
    
    $
    754,232
    
    
    $
    702,953Ceded premiums written
    
    
    221,158
    
    
    
    261,870
    
    
    
    82,949
    
    
    
    120,796Net premiums written
    
    
    1,774,533
    
    
    
    1,614,800
    
    
    
    671,283
    
    
    
    582,157Increase in unearned premiums
    
    
    (58,151
    )
    
    
    (172,487
    )
    
    
    (81,276
    )
    
    
    (68,315
    )Net premiums earned
    
    
    1,716,382
    
    
    
    1,442,313
    
    
    
    590,007
    
    
    
    513,842Net investment income
    
    
    116,759
    
    
    
    90,979
    
    
    
    46,192
    
    
    
    31,839Net realized investment gains
    
    
    100,881
    
    
    
    187,078
    
    
    
    33,625
    
    
    
    17,263Total revenues
    
    
    1,934,022
    
    
    
    1,720,370
    
    
    
    669,824
    
    
    
    562,944EXPENSESLosses and loss adjustment expenses
    
    
    1,219,936
    
    
    
    982,438
    
    
    
    472,618
    
    
    
    354,979Acquisition costs
    
    
    385,400
    
    
    
    346,760
    
    
    
    127,911
    
    
    
    113,665Other underwriting expenses
    
    
    94,189
    
    
    
    72,313
    
    
    
    30,309
    
    
    
    26,350Other expense, net
    
    
    9,684
    
    
    
    5,255
    
    
    
    4,728
    
    
    
    1,558Interest expense
    
    
    19,205
    
    
    
    7,641
    
    
    
    6,406
    
    
    
    2,712Total expenses
    
    
    1,728,414
    
    
    
    1,414,407
    
    
    
    641,972
    
    
    
    499,264Income before income taxes
    
    
    205,608
    
    
    
    305,963
    
    
    
    27,852
    
    
    
    63,680Federal and foreign income tax provision (benefit):Current
    
    
    83,123
    
    
    
    102,548
    
    
    
    22,110
    
    
    
    13,100Deferred
    
    
    (13,542
    )
    
    
    1,821
    
    
    
    (12,279
    )
    
    
    8,252Total federal and foreign income tax provision
    
    
    69,581
    
    
    
    104,369
    
    
    
    9,831
    
    
    
    21,352NET INCOME
    
    $
    136,027
    
    
    $
    201,594
    
    
    $
    18,021
    
    
    $
    42,328BASICWeighted average shares outstanding
    
    
    64,332,561
    
    
    
    64,731,801
    
    
    
    64,228,782
    
    
    
    64,746,415Basic earnings per share
    
    $
    2.11
    
    
    $
    3.11
    
    
    $
    0.28
    
    
    $
    0.65DILUTEDWeighted average shares outstanding
    
    
    65,148,990
    
    
    
    65,095,465
    
    
    
    65,016,978
    
    
    
    65,125,348Diluted earnings per share
    
    $
    2.09
    
    
    $
    3.10
    
    
    $
    0.28
    
    
    $
    0.65DIVIDENDSDividends declared per share
    
    $
    0.09375
    
    
    $
    0.075
    
    
    $
    0.03125
    
    
    $
    0.025COMPREHENSIVE INCOMENet income
    
    $
    136,027
    
    
    $
    201,594
    
    
    $
    18,021
    
    
    $
    42,328Other comprehensive (loss) income, net of tax
    
    
    (111,093
    )
    
    
    76,649
    
    
    
    (8,245
    )
    
    
    4,462Comprehensive income
    
    $
    24,934
    
    
    $
    278,243
    
    
    $
    9,776
    
    
    $
    46,790




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Nine Months
    
    Nine MonthsEnded
    
    EndedSeptember 30,
    
    September 30,2004
    
    2003COMMON STOCKBalance, beginning and end of period
    
    $
    651
    
    
    $
    651ADDITIONAL PAID-IN CAPITALBalance, beginning of period
    
    
    793,586
    
    
    
    793,334Net increase (decrease) during the period
    
    
    469
    
    
    
    (52
    )Balance, end of period
    
    
    794,055
    
    
    
    793,282TREASURY STOCKBalance, beginning of period
    
    
    (2,549
    )
    
    
    (2,305
    )Purchases during the period
    
    
    (10,091
    )
    
    
    Reissuance during the period
    
    
    3,837
    
    
    
    52Balance, end of period
    
    
    (8,803
    )
    
    
    (2,253
    )UNEARNED COMPENSATIONBalance, beginning of period
    
    
    (3,439
    )
    
    
    (4,572
    )Issuance of restricted stock during the period
    
    
    (4,043
    )
    
    
    Amortization during the period
    
    
    1,317
    
    
    
    850Balance, end of period
    
    
    (6,165
    )
    
    
    (3,722
    )ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS), NET OF DEFERRED INCOME TAXESBalance, beginning of period
    
    
    112,430
    
    
    
    21,736Net (decease) increase during the period
    
    
    (111,093
    )
    
    
    76,649Balance, end of period
    
    
    1,337
    
    
    
    98,385RETAINED EARNINGSBalance, beginning of period
    
    
    489,556
    
    
    
    247,239Net income
    
    
    136,027
    
    
    
    201,594Dividends to stockholders
    
    
    (6,082
    )
    
    
    (4,875
    )Balance, end of period
    
    
    619,501
    
    
    
    443,958TOTAL STOCKHOLDERS EQUITY
    
    $
    1,400,576
    
    
    $
    1,330,301COMMON SHARES OUTSTANDINGBalance, beginning of period
    
    
    64,996,166
    
    
    
    65,003,963Net treasury shares (acquired) reissued during the period
    
    
    (218,182
    )
    
    
    3,140Balance, end of period
    
    
    64,777,984
    
    
    
    65,007,103




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED SEPTEMBER 30, 2004 AND 2003 (UNAUDITED)
(IN THOUSANDS) Nine Months
    
    Nine MonthsEnded
    
    EndedSeptember 30,
    
    September 30,2004
    
    2003OPERATING ACTIVITIESNet income
    
    $
    136,027
    
    
    $
    201,594Adjustments to reconcile net income to net cash provided by
operating activities:Reinsurance balances and funds held, net
    
    
    (84,364
    )
    
    
    (218,724
    )Unearned premiums
    
    
    61,430
    
    
    
    176,636Unpaid losses and loss adjustment expenses
    
    
    494,525
    
    
    
    427,704Federal and foreign income taxes
    
    
    (9,962
    )
    
    
    (5,861
    )Other assets and liabilities, net
    
    
    (18,507
    )
    
    
    38,452Deferred acquisition costs
    
    
    (12,571
    )
    
    
    (30,109
    )Net realized investment gains
    
    
    (100,881
    )
    
    
    (187,078
    )Bond discount amortization, net
    
    
    (10,036
    )
    
    
    (7,407
    )Net cash provided by operating activities
    
    
    455,661
    
    
    
    395,207INVESTING ACTIVITIESMaturities of fixed income securities
    
    
    80,090
    
    
    
    17,279Sales of fixed income securities
    
    
    1,245,571
    
    
    
    4,196,886Purchases of fixed income securities
    
    
    (2,103,000
    )
    
    
    (3,456,595
    )Sales of equity securities
    
    
    164,523
    
    
    
    77,639Purchases of equity securities
    
    
    (255,122
    )
    
    
    (81,821
    )Purchases of other invested assets
    
    
    (49,348
    )
    
    
    (28,172
    )Net decrease related to borrowed securities
    
    
    (247,325
    )
    
    
    Decrease in short-term investments
    
    
    7,245
    
    
    
    63,314Net cash (used in) provided by investing activities
    
    
    (1,157,366
    )
    
    
    788,530FINANCING ACTIVITIESDividends
    
    
    (6,082
    )
    
    
    (4,875
    )Sale of interest rate contract
    
    
    
    
    
    
    8,667Purchase of treasury stock
    
    
    (10,091
    )
    
    
    Net cash (used in) provided by financing activities
    
    
    (16,173
    )
    
    
    3,792Effect of exchange rate changes on cash
    
    
    (1,436
    )
    
    
    (Decrease) increase in cash and cash equivalents
    
    
    (719,314
    )
    
    
    1,187,529Cash and cash equivalents, beginning of period
    
    
    1,588,659
    
    
    
    484,744Cash and cash equivalents, end of period
    
    $
    869,345
    
    
    $
    1,672,273




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##### 



ODYSSEY RE HOLDINGS CORP.
BUSINESS SEGMENTS
FOR THE NINE AND THREE MONTHS ENDED
SEPTEMBER 30, 2004 AND 2003
(UNAUDITED)
(IN THOUSANDS) Nine Months
    
    Nine Months
    
    
    
    
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    
    
    
    
    Ended
    
    EndedSeptember 30,
    
    September 30,
    
    %
    
    September 30,
    
    September 30,
    
    %2004
    
    2003
    
    Change
    
    2004
    
    2003
    
    ChangeGROSS PREMIUMS WRITTENAmericas
    
    $
    964,118
    
    
    $
    1,042,992
    
    
    
    (7.6)
    %
    
    $
    345,239
    
    
    $
    360,857
    
    
    
    (4.3)
    %EuroAsia
    
    
    420,192
    
    
    
    298,608
    
    
    
    40.7
    
    
    
    151,776
    
    
    
    116,439
    
    
    
    30.3London Market
    
    
    328,428
    
    
    
    313,223
    
    
    
    4.9
    
    
    
    140,827
    
    
    
    122,878
    
    
    
    14.6U.S. Insurance
    
    
    303,716
    
    
    
    254,485
    
    
    
    19.3
    
    
    
    119,288
    
    
    
    116,614
    
    
    
    2.3Total*
    
    $
    2,016,454
    
    
    $
    1,909,308
    
    
    
    5.6
    %
    
    $
    757,130
    
    
    $
    716,788
    
    
    
    5.6
    %NET PREMIUMS WRITTENAmericas
    
    $
    918,684
    
    
    $
    955,715
    
    
    
    (3.9)
    %
    
    $
    326,454
    
    
    $
    322,376
    
    
    
    1.3
    %EuroAsia
    
    
    403,225
    
    
    
    285,765
    
    
    
    41.1
    
    
    
    147,523
    
    
    
    113,020
    
    
    
    30.5London Market
    
    
    287,309
    
    
    
    263,276
    
    
    
    9.1
    
    
    
    125,929
    
    
    
    97,932
    
    
    
    28.6U.S. Insurance
    
    
    165,315
    
    
    
    110,044
    
    
    
    50.2
    
    
    
    71,377
    
    
    
    48,829
    
    
    
    46.2Total
    
    $
    1,774,533
    
    
    $
    1,614,800
    
    
    
    9.9
    %
    
    $
    671,283
    
    
    $
    582,157
    
    
    
    15.3
    %NET PREMIUMS EARNEDAmericas
    
    $
    897,954
    
    
    $
    884,873
    
    
    
    1.5
    %
    
    $
    290,277
    
    
    $
    300,111
    
    
    
    (3.3)
    %EuroAsia
    
    
    363,757
    
    
    
    260,565
    
    
    
    39.6
    
    
    
    131,935
    
    
    
    96,057
    
    
    
    37.4London Market
    
    
    319,552
    
    
    
    234,982
    
    
    
    36.0
    
    
    
    116,374
    
    
    
    88,710
    
    
    
    31.2U.S. Insurance
    
    
    135,119
    
    
    
    61,893
    
    
    
    118.3
    
    
    
    51,421
    
    
    
    28,964
    
    
    
    77.5Total
    
    $
    1,716,382
    
    
    $
    1,442,313
    
    
    
    19.0
    %
    
    $
    590,007
    
    
    $
    513,842
    
    
    
    14.8
    %
 Nine Months
    
    Nine Months
    
    
    
    
    
    Three Months
    
    Three MonthsEnded
    
    Ended
    
    Percentage
    
    Ended
    
    Ended
    
    PercentageSeptember 30,
    
    September 30,
    
    Point
    
    September 30,
    
    September 30,
    
    Point2004
    
    2003
    
    Change
    
    2004
    
    2003
    
    ChangeLOSSES AND LOSS
ADJUSTMENT EXPENSES RATIOAmericas
    
    
    74.8
    %
    
    
    68.0
    %
    
    
    6.8
    
    
    
    91.7
    %
    
    
    68.0
    %
    
    
    23.7EuroAsia
    
    
    62.2
    
    
    
    71.0
    
    
    
    (8.8
    )
    
    
    59.1
    
    
    
    75.1
    
    
    
    (16.0
    )London Market
    
    
    72.0
    
    
    
    64.2
    
    
    
    7.8
    
    
    
    82.5
    
    
    
    64.9
    
    
    
    17.6U.S. Insurance
    
    
    67.8
    
    
    
    72.2
    
    
    
    (4.4
    )
    
    
    63.2
    
    
    
    73.4
    
    
    
    (10.2
    )Total
    
    
    71.1
    %
    
    
    68.1
    %
    
    
    3.0
    
    
    
    80.1
    %
    
    
    69.1
    %
    
    
    11.0ACQUISITION COSTS AND OTHER
UNDERWRITING EXPENSES RATIOAmericas
    
    
    31.7
    %
    
    
    31.8
    %
    
    
    (0.1
    )
    
    
    31.5
    %
    
    
    30.7
    %
    
    
    0.8EuroAsia
    
    
    25.5
    
    
    
    23.9
    
    
    
    1.6
    
    
    
    24.1
    
    
    
    23.7
    
    
    
    0.4London Market
    
    
    24.2
    
    
    
    27.9
    
    
    
    (3.7
    )
    
    
    22.2
    
    
    
    25.6
    
    
    
    (3.4
    )U.S. Insurance
    
    
    18.5
    
    
    
    15.8
    
    
    
    2.7
    
    
    
    18.1
    
    
    
    8.0
    
    
    
    10.1Total
    
    
    27.9
    %
    
    
    29.1
    %
    
    
    (1.2
    )
    
    
    26.8
    %
    
    
    27.2
    %
    
    
    (0.4
    )COMBINED RATIOAmericas
    
    
    106.5
    %
    
    
    99.8
    %
    
    
    6.7
    
    
    
    123.2
    %
    
    
    98.7
    %
    
    
    24.5EuroAsia
    
    
    87.7
    
    
    
    94.9
    
    
    
    (7.2
    )
    
    
    83.2
    
    
    
    98.8
    
    
    
    (15.6
    )London Market
    
    
    96.2
    
    
    
    92.1
    
    
    
    4.1
    
    
    
    104.7
    
    
    
    90.5
    
    
    
    14.2U.S. Insurance
    
    
    86.3
    
    
    
    88.0
    
    
    
    (1.7
    )
    
    
    81.3
    
    
    
    81.4
    
    
    
    (0.1
    )Total
    
    
    99.0
    %
    
    
    97.2
    %
    
    
    1.8
    
    
    
    106.9
    %
    
    
    96.3
    %
    
    
    10.6
 *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 $1,995,691 and $1,876,670 for the nine months ended September 30, 2004 and 2003, respectively and $754,232 and $702,953 for the three months ended September 30, 2004 and 2003, respectively, reflected in
the consolidated statements of operations.