The ripple effects from Hurricane Wilma continue to impact the insurance industry with the announcement of losses by Odyssey Re and the downgrade of Omega Insurance Company by A.M. Best.
Stamford, Conn.-based insurer Odyssey Re Holdings Corp. said it lost $125 million before taxes from Hurricane Wilma during the fourth quarter of 2005. The figure is net of applicable reinsurance and reinstatement premiums. The after-tax net loss stands at $81 million.
Odyssey said the losses are expected to be primarily from Florida and Mexico.
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