A challenging business environment and soft market conditions contributed to a 55 percent decrease in Odyssey Re Holdings Corp.'s second quarter net income, management said.
The company reported a net income of $66.9 million, compared to $147.6 million for the same period last year.
Odyssey Re's combined ratio climbed to 98.7 from 93.9, and rose in all regions except the Americas. Odyssey Re CEO, Andy Barnard, said in a conference call that several points of the combined ratio are attributable to catastrophe events in China, and a strengthening of directors & officers reserves in anticipation of potential credit crunch losses.
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