However, for the second quarter, Odyssey Re’s profits declined fell 54.7% to $66.9 million. The sharp decline is in light of a 62.3% drop in realized capital gains on investments for the quarter to $29.7 million, compared with the second-quarter period a year ago.
Nevertheless, profits still managed to increase for the reinsurer for the half due to after-tax net realized gains of $209.9 million in the first quarter.
For the first half of 2008, Odyssey Re reported a 1% decline in net premiums written, to $1.02 billion. The company reported a 98.5% combined ratio for the first half, compared with a 95.1% ratio for 2007’s first half.