##### 



(ODYSSEYRE LOGO) NEWS RELEASE For immediate release Contact: Charles D. Troiano at (212) 978-4710 Odyssey Re Holdings Corp. Reports Fourth Quarter and
Full Year 2004 Results New York, NY  February 10, 2005  Odyssey Re Holdings Corp. (NYSE: ORH) today reported its
fourth quarter and full year 2004 results. Net income amounted to $50.9 million, or $0.74 per common share for the quarter ended December 31,
2004, compared to $47.6 million or $0.69 per common share for the quarter ended December 31, 2003.
Included in the fourth quarter 2004 and 2003 net income were net realized capital gains of $12.6
million and $15.7 million, respectively, which on an after-tax basis, amounted to $8.2 million and
$10.2 million, or $0.12 and $0.14 per common share, respectively. All references to earnings per share amounts are on a diluted basis, which includes the dilutive
effect of the assumed conversion of the Companys contingently convertible debt securities in
accordance with the Emerging Issues Task Force Issue 4-08 (EITF Issue 4-08), The Effect of
Contingently Convertible Instruments on Diluted Earnings per Share, which is effective for periods
ending after December 15, 2004. The diluted earnings per share for prior periods have been
restated to conform to the provisions of EITF Issue 4-08. For the year ended December 31, 2004, net income was $186.9 million, or $2.71 per common share,
compared to net income of $249.2 million, or $3.59 per common share, for the year ended December
31, 2003. Net after-tax realized capital gains for the year ended December 31, 2004 were $73.8
million, or $1.05 per common share, compared to $131.8 million, or $1.87 per common share, for the
year ended December 31, 2003. Operating income (1) after tax, which excludes realized capital gains, for the fourth quarter 2004
was $42.7 million, or $0.62 per common share, compared to $37.4 million, or $0.55 per common share,
for the fourth quarter 2003. Operating income after tax was $113.1 million, or $1.66 per common
share, and $117.4 million, or $1.72 per common share, for the years ended December 31, 2004 and
2003, respectively. The net combined ratio for the fourth quarter 2004 was 95.0%, compared to 95.9% for the fourth
quarter 2003. For the year ended December 31, 2004, the combined ratio was 98.0% compared to 96.8%
for the year ended December 31, 2003. Stockholders equity amounted to $1,585.5 million at December 31, 2004, an increase of $195.3
million, or 14.0%, compared to December 31, 2003 and a two year increase of $529.4 million, or
50.1%, compared to December 31, 2002. Commenting on the fourth quarter and full year results, Andrew A. Barnard, President and Chief
Executive Officer, stated, We are pleased to report a 14% increase in stockholders equity for the
year which follows increases of over 20% for each of the previous two years. OdysseyRes strategic
efforts of the past few years to diversify geographically and by product line provided the
capability to post solid results, despite record hurricane catastrophe events in the U.S. and
Caribbean.




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##### 



Gross premiums written for the three months ended December 31, 2004 were $660.8 million, a
decrease of 3.0%, compared to $681.5 million for the three months ended December 31, 2003. For the
year ended December 31, 2004, gross premiums written were $2.7 billion, an increase of 3.8%,
compared to $2.6 billion for the year ended December 31, 2003. The premium growth for the year is
attributable to increases in EuroAsia of 35.7%, London Market of 2.2% and U.S. Insurance of 23.4%,
offset by a decrease in the Americas of 11.1%. Total net investment results, which include net investment income and net realized capital gains,
amounted to $60.5 million in the fourth quarter 2004, compared to $58.8 million in the fourth
quarter 2003. Net investment income, excluding net realized capital gains, amounted to $47.9
million for the fourth quarter 2004, compared to $43.1 million for the fourth quarter 2003. Net
realized capital gains decreased to $12.6 million for the three months ended December 31, 2004 from
$15.7 million for the fourth quarter of 2003. For the years ended December 31, 2004 and 2003,
total net investment results were $278.2 million and $336.9 million, respectively. For the year
ended December 31, 2004, net realized capital gains were $113.5 million, compared to $202.7 million
for the year ended December 31, 2003. Pre-tax unrealized capital gains were $129.9 million at
December 31, 2004. For the three months ended December 31, 2004, net cash flow from operations was $147.5 million,
compared to net cash flow from operations of $168.9 million for the fourth quarter 2003. For the
year ended December 31, 2004, net cash flow from operations amounted to $603.2 million, a 6.9%
increase over the 2003 figure of $564.1 million. At December 31, 2004 investments and cash totaled $5,236.5 million, an increase of $999.2 million
from December 31, 2003. Total assets amounted to $7.7 billion at December 31, 2004. Net book
value per common share at December 31, 2004 was $24.48, an increase of $3.09 per share compared to
$21.39 at December 31, 2003. OdysseyRe paid a cash dividend of $0.03125 per share on December 31, 2004. The total dividend
payment amounted to approximately $2.0 million in the fourth quarter of 2004.  (1)
    Operating income after taxes is a non-GAAP financial measure often used to evaluate
performance. Operating income after taxes is equal to net income, excluding net realized
capital gains or losses, after taxes. A reconciliation of net income to operating income
after taxes and related amounts on a per common share basis are as follows (in millions,
except per share amounts): Three Months EndedDecember 31,(unaudited)2004
    
    
    2003Per Share
    
    
    
    
    
    
    Per Share$
    
    
    Amount
    
    
    $
    
    
    AmountNet income
    
    $
    50.9
    
    
    $
    0.74
    
    
    $
    47.6
    
    
    $
    0.69Net realized capital gains, after taxes
    
    
    8.2
    
    
    
    0.12
    
    
    
    10.2
    
    
    
    0.14Operating income, after taxes
    
    $
    42.7
    
    
    $
    0.62
    
    
    $
    37.4
    
    
    $
    0.55
 Years EndedDecember 31,(unaudited)2004
    
    
    2003Per Share
    
    
    
    
    
    
    Per Share$
    
    
    Amount
    
    
    $
    
    
    AmountNet income
    
    $
    186.9
    
    
    $
    2.71
    
    
    $
    249.2
    
    
    $
    3.59Net realized capital gains, after taxes
    
    
    73.8
    
    
    
    1.05
    
    
    
    131.8
    
    
    
    1.87Operating income, after taxes
    
    $
    113.1
    
    
    $
    1.66
    
    
    $
    117.4
    
    
    $
    1.72




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##### 



# # # 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, Hudson
Specialty Insurance Company, Clearwater Insurance Company and Newline Underwriting Management
Limited. With $1.6 billion in stockholders equity at December 31, 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, Latin America and Toronto. 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
DECEMBER 31, 2004 AND DECEMBER 31, 2003
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) December 31,
    
    
    December 31,2004
    
    
    2003ASSETSInvestments and cash:Fixed income securities, at fair value (amortized cost $2,478,614 and $1,605,378, respectively)
    
    $
    2,505,630
    
    
    $
    1,597,688Equity securities:Common stocks, at fair value (cost $736,212 and $376,215, respectively)
    
    
    869,871
    
    
    
    447,700Common stocks, at equity
    
    
    165,507
    
    
    
    117,489Short-term investments, at cost which approximates fair value
    
    
    213,403
    
    
    
    218,208Other invested assets
    
    
    149,075
    
    
    
    267,504Cash and cash equivalents
    
    
    1,156,447
    
    
    
    1,588,659Cash collateral for borrowed securities
    
    
    176,518
    
    
    
    Total investments and cash
    
    
    5,236,451
    
    
    
    4,237,248Investment income due and accrued
    
    
    39,609
    
    
    
    21,668Reinsurance balances receivable
    
    
    550,198
    
    
    
    499,680Reinsurance recoverables on loss payments
    
    
    89,912
    
    
    
    83,448Reinsurance recoverables on unpaid losses
    
    
    1,092,082
    
    
    
    1,058,623Prepaid reinsurance premiums
    
    
    93,774
    
    
    
    110,881Funds held by ceding insurers
    
    
    192,346
    
    
    
    124,464Deferred acquisition costs
    
    
    171,083
    
    
    
    168,289Federal and foreign income taxes
    
    
    102,298
    
    
    
    71,183Other assets
    
    
    138,022
    
    
    
    84,572Total assets
    
    $
    7,705,775
    
    
    $
    6,460,056LIABILITIESUnpaid losses and loss adjustment expenses
    
    $
    4,228,021
    
    
    $
    3,400,277Unearned premiums
    
    
    832,305
    
    
    
    819,840Reinsurance balances payable
    
    
    122,182
    
    
    
    121,457Funds held under reinsurance contracts
    
    
    179,867
    
    
    
    199,763Debt obligations
    
    
    376,040
    
    
    
    376,892Obligation to return borrowed securities
    
    
    56,191
    
    
    
    Other liabilities
    
    
    325,669
    
    
    
    151,592Total liabilities
    
    
    6,120,275
    
    
    
    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 (387,879 and 146,691 shares, respectively)
    
    
    (9,426
    )
    
    
    (2,549
    )Unearned compensation
    
    
    (4,977
    )
    
    
    (3,439
    )Accumulated other comprehensive income, net of deferred income taxes
    
    
    136,849
    
    
    
    112,430Retained earnings
    
    
    668,348
    
    
    
    489,556Total stockholders equity
    
    
    1,585,500
    
    
    
    1,390,235Total liabilities and stockholders equity
    
    $
    7,705,775
    
    
    $
    6,460,056




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
YEARS AND THREE MONTHS ENDED DECEMBER 31, 2004 AND 2003
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Year
    
    
    Year
    
    
    Three Months
    
    
    Three MonthsEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedDecember 31,
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2004
    
    
    2003(unaudited)
    
    
    (unaudited)REVENUESGross premiums written
    
    $
    2,656,509
    
    
    $
    2,558,156
    
    
    $
    660,818
    
    
    $
    681,486Ceded premiums written
    
    
    293,932
    
    
    
    404,576
    
    
    
    72,774
    
    
    
    142,706Net premiums written
    
    
    2,362,577
    
    
    
    2,153,580
    
    
    
    588,044
    
    
    
    538,780(Increase) decrease in unearned premiums
    
    
    (31,510
    )
    
    
    (188,487
    )
    
    
    26,641
    
    
    
    (16,000
    )Net premiums earned
    
    
    2,331,067
    
    
    
    1,965,093
    
    
    
    614,685
    
    
    
    522,780Net investment income
    
    
    164,703
    
    
    
    134,115
    
    
    
    47,944
    
    
    
    43,136Net realized investment gains
    
    
    113,464
    
    
    
    202,742
    
    
    
    12,583
    
    
    
    15,664Total revenues
    
    
    2,609,234
    
    
    
    2,301,950
    
    
    
    675,212
    
    
    
    581,580EXPENSESLosses and loss adjustment expenses
    
    
    1,629,564
    
    
    
    1,325,765
    
    
    
    409,628
    
    
    
    343,327Acquisition costs
    
    
    528,425
    
    
    
    476,015
    
    
    
    143,025
    
    
    
    129,255Other underwriting expenses
    
    
    125,679
    
    
    
    101,308
    
    
    
    31,490
    
    
    
    28,995Other expense, net
    
    
    21,207
    
    
    
    7,912
    
    
    
    11,523
    
    
    
    2,657Interest expense
    
    
    25,609
    
    
    
    12,656
    
    
    
    6,404
    
    
    
    5,015Total expenses
    
    
    2,330,484
    
    
    
    1,923,656
    
    
    
    602,070
    
    
    
    509,249Income before income taxes
    
    
    278,750
    
    
    
    378,294
    
    
    
    73,142
    
    
    
    72,331Federal and foreign income tax provision (benefit):Current
    
    
    112,300
    
    
    
    141,660
    
    
    
    29,177
    
    
    
    39,112Deferred
    
    
    (20,449
    )
    
    
    (12,591
    )
    
    
    (6,907
    )
    
    
    (14,412
    )Total federal and foreign income tax provision
    
    
    91,851
    
    
    
    129,069
    
    
    
    22,270
    
    
    
    24,700NET INCOME
    
    $
    186,899
    
    
    $
    249,225
    
    
    $
    50,872
    
    
    $
    47,631BASICWeighted average shares outstanding
    
    
    64,361,535
    
    
    
    64,736,830
    
    
    
    64,256,325
    
    
    
    64,765,128Basic earnings per share
    
    $
    2.90
    
    
    $
    3.85
    
    
    $
    0.79
    
    
    $
    0.74DILUTEDWeighted average shares outstanding
    
    
    69,993,136
    
    
    
    70,279,467
    
    
    
    69,869,831
    
    
    
    70,333,496Diluted earnings per share
    
    $
    2.71
    
    
    $
    3.59
    
    
    $
    0.74
    
    
    $
    0.69DIVIDENDSDividends declared per share
    
    $
    0.125
    
    
    $
    0.106
    
    
    $
    0.031
    
    
    $
    0.031COMPREHENSIVE INCOMENet income
    
    $
    186,899
    
    
    $
    249,225
    
    
    $
    50,872
    
    
    $
    47,631Other comprehensive income, net of tax
    
    
    24,419
    
    
    
    90,694
    
    
    
    135,512
    
    
    
    14,045Comprehensive income
    
    $
    211,318
    
    
    $
    339,919
    
    
    $
    186,384
    
    
    $
    61,676




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY
YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(IN THOUSANDS, EXCEPT SHARE AMOUNTS) Year
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002COMMON STOCKBalance, beginning and end of year
    
    $
    651
    
    
    $
    651
    
    
    $
    651ADDITIONAL PAID-IN CAPITALBalance, beginning of year
    
    
    793,586
    
    
    
    793,334
    
    
    
    793,334Net increase during the year
    
    
    469
    
    
    
    252
    
    
    
    Balance, end of year
    
    
    794,055
    
    
    
    793,586
    
    
    
    793,334TREASURY STOCKBalance, beginning of year
    
    
    (2,549
    )
    
    
    (2,305
    )
    
    
    Purchases during the year
    
    
    (10,090
    )
    
    
    (331
    )
    
    
    (2,405
    )Reissuance during the year
    
    
    3,213
    
    
    
    87
    
    
    
    100Balance, end of year
    
    
    (9,426
    )
    
    
    (2,549
    )
    
    
    (2,305
    )UNEARNED COMPENSATIONBalance, beginning of year
    
    
    (3,439
    )
    
    
    (4,572
    )
    
    
    (5,704
    )Issuance of restricted stock during the year
    
    
    (3,314
    )
    
    
    
    
    
    
    Amortization during the year
    
    
    1,776
    
    
    
    1,133
    
    
    
    1,132Balance, end of year
    
    
    (4,977
    )
    
    
    (3,439
    )
    
    
    (4,572
    )ACCUMULATED OTHER COMPREHENSIVE
INCOME (LOSS), NET OF DEFERRED INCOME TAXESBalance, beginning of year
    
    
    112,430
    
    
    
    21,736
    
    
    
    (12,985
    )Unrealized net gains on securities,
net of reclassification adjustments
    
    
    10,656
    
    
    
    49,818
    
    
    
    27,565Foreign currency translation adjustments
    
    
    13,766
    
    
    
    42,098
    
    
    
    7,156Minimum pension liability
    
    
    (3
    )
    
    
    (1,222
    )
    
    
    Balance, end of year
    
    
    136,849
    
    
    
    112,430
    
    
    
    21,736RETAINED EARNINGSBalance, beginning of year
    
    
    489,556
    
    
    
    247,239
    
    
    
    45,576Net income
    
    
    186,899
    
    
    
    249,225
    
    
    
    208,177Dividends to stockholders
    
    
    (8,107
    )
    
    
    (6,908
    )
    
    
    (6,514
    )Balance, end of year
    
    
    668,348
    
    
    
    489,556
    
    
    
    247,239TOTAL STOCKHOLDERS EQUITY
    
    $
    1,585,500
    
    
    $
    1,390,235
    
    
    $
    1,056,083COMMON SHARES OUTSTANDINGBalance, beginning of year
    
    
    64,996,166
    
    
    
    65,003,963
    
    
    
    65,142,857Net treasury shares acquired
    
    
    (241,188
    )
    
    
    (7,797
    )
    
    
    (138,894
    )Balance, end of year
    
    
    64,754,978
    
    
    
    64,996,166
    
    
    
    65,003,963




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##### 



ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2004, 2003 AND 2002
(IN THOUSANDS) Year
    
    
    Year
    
    
    YearEnded
    
    
    Ended
    
    
    EndedDecember 31,
    
    
    December 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2002OPERATING ACTIVITIESNet income
    
    $
    186,899
    
    
    $
    249,225
    
    
    $
    208,177Less: Cumulative effect of a change in accounting principle
    
    
    
    
    
    
    
    
    
    
    (36,862
    )Income before cumulative effect of a change in accounting principle
    
    
    186,899
    
    
    
    249,225
    
    
    
    171,315Adjustments to reconcile net income to net cash provided by
operating activities:Reinsurance balances and funds held, net
    
    
    (130,323
    )
    
    
    (109,151
    )
    
    
    (263,666
    )Unearned premiums
    
    
    24,081
    
    
    
    198,923
    
    
    
    203,898Unpaid losses and loss adjustment expenses
    
    
    710,441
    
    
    
    497,080
    
    
    
    160,398Federal and foreign income taxes
    
    
    (25,291
    )
    
    
    (13,216
    )
    
    
    91,091Other assets and liabilities, net
    
    
    (35,263
    )
    
    
    (6,851
    )
    
    
    38,160Deferred acquisition costs
    
    
    (3,690
    )
    
    
    (38,400
    )
    
    
    (48,764
    )Net realized investment gains
    
    
    (113,464
    )
    
    
    (202,742
    )
    
    
    (135,796
    )Bond discount amortization, net
    
    
    (10,210
    )
    
    
    (10,750
    )
    
    
    (2,425
    )Net cash provided by operating activities
    
    
    603,180
    
    
    
    564,118
    
    
    
    214,211INVESTING ACTIVITIESMaturities of fixed income securities
    
    
    106,654
    
    
    
    48,948
    
    
    
    34,609Sales of fixed income securities
    
    
    1,437,226
    
    
    
    4,683,504
    
    
    
    2,422,938Purchases of fixed income securities
    
    
    (2,304,052
    )
    
    
    (4,103,327
    )
    
    
    (2,264,108
    )Sales of equity securities
    
    
    335,954
    
    
    
    173,085
    
    
    
    58,967Purchases of equity securities
    
    
    (375,974
    )
    
    
    (355,679
    )
    
    
    (113,233
    )Purchases of other invested assets
    
    
    (46,400
    )
    
    
    (29,860
    )
    
    
    (88,781
    )Net decrease related to borrowed securities
    
    
    (137,476
    )
    
    
    
    
    
    
    Increase in short-term investments
    
    
    (26,046
    )
    
    
    (18,028
    )
    
    
    (155,809
    )Acquisition, net of cash acquired
    
    
    (29,659
    )
    
    
    (39,581
    )
    
    
    12,133Net cash (used in) provided by investing activities
    
    
    (1,039,773
    )
    
    
    359,062
    
    
    
    (93,284
    )FINANCING ACTIVITIESDividends
    
    
    (8,107
    )
    
    
    (6,908
    )
    
    
    (6,514
    )Additional borrowings, net of acquisition costs
    
    
    
    
    
    
    222,480
    
    
    
    107,494Repayments of principal
    
    
    (100
    )
    
    
    (50,000
    )
    
    
    (110,000
    )Sale of interest rate contract
    
    
    
    
    
    
    8,667
    
    
    
    Purchase of treasury stock
    
    
    (10,091
    )
    
    
    (284
    )
    
    
    (2,305
    )Net cash (used in) provided by financing activities
    
    
    (18,298
    )
    
    
    173,955
    
    
    
    (11,325
    )Effect of exchange rate changes on cash
    
    
    22,679
    
    
    
    6,780
    
    
    
    (Decrease) increase in cash and cash equivalents
    
    
    (432,212
    )
    
    
    1,103,915
    
    
    
    109,602Cash and cash equivalents, beginning of year
    
    
    1,588,659
    
    
    
    484,744
    
    
    
    375,142Cash and cash equivalents, end of year
    
    $
    1,156,447
    
    
    $
    1,588,659
    
    
    $
    484,744Supplemental disclosures:Interest paid
    
    $
    25,067
    
    
    $
    9,006
    
    
    $
    8,664Income taxes paid (recovered)
    
    $
    116,557
    
    
    $
    142,202
    
    
    $
    (4,327
    )




---



##### 



ODYSSEY RE HOLDINGS CORP.
BUSINESS SEGMENTS
FOR THE YEARS AND THREE MONTHS ENDED
DECEMBER 31, 2004 AND 2003
(UNAUDITED)
(IN THOUSANDS) Year
    
    
    Year
    
    
    
    
    
    
    Three Months
    
    
    Three MonthsEnded
    
    
    Ended
    
    
    
    
    
    
    Ended
    
    
    EndedDecember 31,
    
    
    December 31,
    
    
    %
    
    
    December 31,
    
    
    December 31,
    
    
    %2004
    
    
    2003
    
    
    Change
    
    
    2004
    
    
    2003
    
    
    ChangeGROSS PREMIUMS WRITTENAmericas
    
    $
    1,263,210
    
    
    $
    1,421,381
    
    
    
    (11.1
    )%
    
    $
    299,092
    
    
    $
    378,389
    
    
    
    (21.0
    )%EuroAsia
    
    
    553,671
    
    
    
    408,077
    
    
    
    35.7
    
    
    
    133,479
    
    
    
    109,469
    
    
    
    21.9London Market
    
    
    447,681
    
    
    
    437,902
    
    
    
    2.2
    
    
    
    119,253
    
    
    
    124,679
    
    
    
    (4.4
    )U.S. Insurance
    
    
    412,069
    
    
    
    333,821
    
    
    
    23.4
    
    
    
    108,353
    
    
    
    79,336
    
    
    
    36.6Total*
    
    $
    2,676,631
    
    
    $
    2,601,181
    
    
    
    2.9
    %
    
    $
    660,177
    
    
    $
    691,873
    
    
    
    (4.6
    )%NET PREMIUMS WRITTENAmericas
    
    $
    1,208,178
    
    
    $
    1,248,938
    
    
    
    (3.3
    )%
    
    $
    289,494
    
    
    $
    293,223
    
    
    
    (1.3
    )%EuroAsia
    
    
    530,511
    
    
    
    388,705
    
    
    
    36.5
    
    
    
    127,286
    
    
    
    102,940
    
    
    
    23.7London Market
    
    
    388,245
    
    
    
    374,568
    
    
    
    3.7
    
    
    
    100,936
    
    
    
    111,292
    
    
    
    (9.3
    )U.S. Insurance
    
    
    235,643
    
    
    
    141,369
    
    
    
    66.7
    
    
    
    70,328
    
    
    
    31,325
    
    
    
    124.5Total
    
    $
    2,362,577
    
    
    $
    2,153,580
    
    
    
    9.7
    %
    
    $
    588,044
    
    
    $
    538,780
    
    
    
    9.1
    %NET PREMIUMS EARNEDAmericas
    
    $
    1,229,393
    
    
    $
    1,170,696
    
    
    
    5.0
    %
    
    $
    331,439
    
    
    $
    285,823
    
    
    
    16.0
    %EuroAsia
    
    
    482,096
    
    
    
    364,542
    
    
    
    32.2
    
    
    
    118,339
    
    
    
    103,977
    
    
    
    13.8London Market
    
    
    421,219
    
    
    
    334,228
    
    
    
    26.0
    
    
    
    101,667
    
    
    
    99,246
    
    
    
    2.4U.S. Insurance
    
    
    198,359
    
    
    
    95,627
    
    
    
    107.4
    
    
    
    63,240
    
    
    
    33,734
    
    
    
    87.5Total
    
    $
    2,331,067
    
    
    $
    1,965,093
    
    
    
    18.6
    %
    
    $
    614,685
    
    
    $
    522,780
    
    
    
    17.6
    %
 Year
    
    
    Year
    
    
    
    
    
    
    Three Months
    
    
    Three MonthsEnded
    
    
    Ended
    
    
    Percentage
    
    
    Ended
    
    
    Ended
    
    
    PercentageDecember 31,
    
    
    December 31,
    
    
    Point
    
    
    December 31,
    
    
    December 31,
    
    
    Point2004
    
    
    2003
    
    
    Change
    
    
    2004
    
    
    2003
    
    
    ChangeLOSSES AND LOSS
ADJUSTMENT EXPENSES RATIOAmericas
    
    
    73.7
    %
    
    
    68.5
    %
    
    
    5.2
    
    
    
    70.7
    %
    
    
    69.8
    %
    
    
    0.9EuroAsia
    
    
    62.2
    
    
    
    68.2
    
    
    
    (6.0
    )
    
    
    62.1
    
    
    
    61.3
    
    
    
    0.8London Market
    
    
    69.7
    
    
    
    61.5
    
    
    
    8.2
    
    
    
    62.3
    
    
    
    54.9
    
    
    
    7.4U.S. Insurance
    
    
    65.6
    
    
    
    73.6
    
    
    
    (8.0
    )
    
    
    60.9
    
    
    
    76.0
    
    
    
    (15.1
    )Total
    
    
    69.9
    %
    
    
    67.5
    %
    
    
    2.4
    
    
    
    66.6
    %
    
    
    65.7
    %
    
    
    0.9ACQUISITION COSTS AND OTHER
UNDERWRITING EXPENSES RATIOAmericas
    
    
    31.7
    %
    
    
    32.5
    %
    
    
    (0.8
    )
    
    
    31.6
    %
    
    
    34.7
    %
    
    
    (3.1
    )EuroAsia
    
    
    25.5
    
    
    
    24.9
    
    
    
    0.6
    
    
    
    25.7
    
    
    
    27.4
    
    
    
    (1.7
    )London Market
    
    
    24.5
    
    
    
    26.7
    
    
    
    (2.2
    )
    
    
    25.4
    
    
    
    24.1
    
    
    
    1.3U.S. Insurance
    
    
    19.3
    
    
    
    17.3
    
    
    
    2.0
    
    
    
    21.0
    
    
    
    20.2
    
    
    
    0.8Total
    
    
    28.1
    %
    
    
    29.3
    %
    
    
    (1.2
    )
    
    
    28.4
    %
    
    
    30.2
    %
    
    
    (1.8
    )COMBINED RATIOAmericas
    
    
    105.4
    %
    
    
    101.0
    %
    
    
    4.4
    
    
    
    102.3
    %
    
    
    104.5
    %
    
    
    (2.2
    )EuroAsia
    
    
    87.7
    
    
    
    93.1
    
    
    
    (5.4
    )
    
    
    87.8
    
    
    
    88.7
    
    
    
    (0.9
    )London Market
    
    
    94.2
    
    
    
    88.2
    
    
    
    6.0
    
    
    
    87.7
    
    
    
    79.0
    
    
    
    8.7U.S. Insurance
    
    
    84.9
    
    
    
    90.9
    
    
    
    (6.0
    )
    
    
    81.9
    
    
    
    96.2
    
    
    
    (14.3
    )Total
    
    
    98.0
    %
    
    
    96.8
    %
    
    
    1.2
    
    
    
    95.0
    %
    
    
    95.9
    %
    
    
    (0.9
    )
  *
    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 do not
agree to the gross premiums written of $2,656,509 and $2,558,156 for the years ended December 31, 2004 and 2003, respectively, and $660,818 and $681,486 for the three months ended December 31, 2004 and 2003, respectively, reflected in the
consolidated statements of operations.