Odyssey Takes Enron Charge
NU Online News Service, Jan. 15, 3:36 p.m. EST?Property-casualty insurer Odyssey Re Holdings Corp. in New York said yesterday it would take a $19.5 million after-tax charge for the fourth quarter, reflecting net losses arising from the Enron bankruptcy, and to provide for losses from the Sept. 11 terrorist attack.
Pre-tax provisions for Enron, net of reinsurance, will be $15 million, arising from surety, directors and officers liability and other professional liability coverages, OdysseyRe said. The company said it has no exposure to Enron through its investment portfolio.
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