Odyssey Re Holdings Increases Reinsurance Unit’s Capital by $165 Million

Odyssey Re Holdings Corp announced that it has completed its previously announced capital contribution of $165 million to its main underwriting subsidiary, Odyssey America Reinsurance Corporation (OARC).

“The addition of this capital to Connecticut-domiciled OARC’s September 30, 2003 statutory surplus of $1.26 billion increases the company’s surplus to $1.43 billion on a pro forma basis,” said the bulletin. “OARC’s surplus has grown by 44 percent since December 31, 2002.

OdysseyRe’s gross premiums written for the nine months ending September 30, 2003 were $1.88 billion, an increase of 41 percent over the same period of 2002.”