Odyssey Re Holdings Corp. reported third-quarter net income increased 7.9 percent, rising from $114 million in the period last year to $123 million.

Diluted earnings per share for the quarter increased to $1.96 from $1.58 in 2007.

Scott Donovan, Odyssey Re executive vice president and chief financial officer, said in a conference call that the company increased its net income due to higher realized gains, despite suffering an operating loss.

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