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30.10.2008 22:05:00
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Odyssey Re Holdings Corp. Reports Third Quarter 2008 Results
Odyssey Re Holdings Corp. (NYSE: ORH) today reported net income available to common shareholders of $121.5 million, or $1.96 per diluted share, for the quarter ended September 30, 2008, compared to $112.1 million, or $1.57 per diluted share, for the quarter ended September 30, 2007. The results for the quarter ended September 30, 2008 include the combined effect of the previously announced catastrophe losses resulting from Hurricanes Ike and Gustav of $78.0 million, after tax, or $1.26 per diluted share. Operating loss after tax(1) was $6.4 million, or a loss of $0.10 per diluted share, for the third quarter of 2008, compared to operating income after tax of $55.2 million, or $0.77 per diluted share, for the third quarter of 2007. The third quarter 2008 net income available to common shareholders includes after-tax net realized gains of $127.9 million, or $2.06 per diluted share, compared to after-tax net realized gains of $56.9 million, or $0.80 per diluted share, for the third quarter of 2007.
For the nine months ended September 30, 2008, net income available to common shareholders was $435.7 million, or $6.68 per diluted share, compared to $344.2 million, or $4.79 per diluted share, for the comparable period of 2007. Net realized gains, after tax, for the nine months ended September 30, 2008 were $367.5 million, or $5.63 per diluted share, compared to $166.9 million, or $2.32 per diluted share, for the nine months ended September 30, 2007.
Highlights for the third quarter and first nine months of 2008 are summarized as follows:
- Pre-tax income of $185.9 million for the third quarter of 2008 and $670.8 million for the nine months ended September 30, 2008;
- The results for the third quarter of 2008 include the combined effect of the previously announced catastrophe losses resulting from Hurricanes Ike and Gustav of $78.0 million, after tax, or $1.26 per diluted share, while the results for the third quarter of 2007 include an after-tax loss of $13.8 million, or $0.19 per diluted share, related to the settlement of litigation;
- During the quarter ended September 30, 2008, the Company repurchased and retired approximately 3.8 million shares of its common stock for $140.7 million, representing an average repurchase price of $37.34 per share. From the inception of the repurchase program in June 2007 through September 30, 2008, the Company has repurchased and retired 12.1 million shares of its common stock at an aggregate cost of $445.8 million, representing an average repurchase price of $36.79 per share;
- Total shareholders’ equity was $2.61 billion at September 30, 2008, compared to total shareholders’ equity of $2.65 billion at December 31, 2007;
- Total invested assets and cash as of September 30, 2008 were $8.0 billion, or $133.15 per share, an increase from $7.8 billion, or $111.90 per share, at December 31, 2007; and
- Book value per common share(2) of $41.78, an increase of 2.9%, or $1.17 per share, from June 30, 2008, and a 13.6% increase, or $5.00 per share, from year end 2007.
Gross premiums written for the quarter ended September 30, 2008 were $656.7 million, an increase of 3.3% compared to $635.8 million for the quarter ended September 30, 2007. Included in gross premiums for the quarter ended September 30, 2008 are reinstatement premiums of $14.4 million related to Hurricanes Ike and Gustav. Net premiums written for the third quarter of 2008 were $571.8 million, a decrease of 0.7% compared to third quarter 2007 net premiums written of $575.8 million.
The combined ratio for the third quarter of 2008 was 113.0%, compared to 97.8% for the third quarter of 2007. The underwriting results for the quarter ended September 30, 2008 include a pre-tax loss of $120.0 million, net of reinstatement premiums, or 22.0 combined ratio points, related to Hurricanes Ike ($110.0 million loss) and Gustav ($10.0 million loss). For the quarter ended September 30, 2008, losses incurred related to prior years decreased by $3.6 million. For the quarter ended September 30, 2007, losses incurred related to prior years increased by $30.9 million. For the nine months ended September 30, 2008 and 2007, the combined ratio was 103.6% and 96.0%, respectively.
Net investment income totaled $62.5 million for the third quarter of 2008, compared to $86.5 million for the third quarter of 2007. The decline is principally due to a decrease in investment yield. Net pre-tax realized gains were $196.7 million for the third quarter of 2008, compared to $87.6 million for the third quarter of 2007. Net pre-tax realized gains for the quarters ended September 30, 2008 and 2007 were reduced by $61.2 million and $40.9 million, respectively, for other-than-temporary impairments on certain investments. For the three months ended September 30, 2008, net cash flow from operations was $115.4 million, compared to $49.4 million for the three months ended September 30, 2007.
At September 30, 2008, total investments and cash were $8.0 billion, an increase of $222.3 million, or 2.9%, compared to December 31, 2007. Net unrealized losses, after tax, at September 30, 2008 were $14.5 million, compared to net unrealized gains, after tax, of $88.3 million at December 31, 2007. In the third quarter of 2008, OdysseyRe paid a cash dividend of $0.075 per common share on September 26, 2008 to common shareholders of record as of September 12, 2008.
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(1) |
"Operating income (loss)" after tax is a non-generally accepted accounting principles ("GAAP") financial measure often used by investors to evaluate performance in the insurance and reinsurance industry. Operating income (loss) after tax is equal to net income available to common shareholders, excluding net realized gains. Although realized gains or losses are an integral part of the Company's operations, the amount recognized during any particular period cannot be reasonably estimated and can vary significantly. Management believes that providing operating income (loss) after tax to investors is a useful supplement to GAAP information concerning the Company's performance. A reconciliation of net income available to common shareholders to operating income (loss) after tax and related amounts per diluted common share is as follows (in millions, except per share amounts): |
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Three months ended (unaudited) |
|||||||||||||||||||
| September 30, 2008 | September 30, 2007 | ||||||||||||||||||
| $ |
Per Diluted
Share |
$ |
Per Diluted
Share |
||||||||||||||||
| Net income available to common shareholders |
$ |
121.5 |
$ | 1.96 | $ | 112.1 | $ | 1.57 | |||||||||||
| Less: Net realized gains, after tax | (127.9 | ) | (2.06 | ) | (56.9 | ) | (0.80 | ) | |||||||||||
| Operating (loss) income, after tax | $ | (6.4 | ) | $ | (0.10 | ) | $ | 55.2 | $ | 0.77 | |||||||||
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Nine months ended (unaudited) |
|||||||||||||||||||
| September 30, 2008 | September 30, 2007 | ||||||||||||||||||
| $ |
Per Diluted
Share |
$ |
Per Diluted
Share |
||||||||||||||||
| Net income available to common shareholders |
$ |
435.7 |
$ | 6.68 | $ | 344.2 | $ | 4.79 | |||||||||||
| Less: Net realized gains, after tax | (367.5 | ) | (5.63 | ) | (166.9 | ) | (2.32 | ) | |||||||||||
| Operating income, after tax | $ | 68.2 | $ | 1.05 | $ | 177.3 | $ | 2.47 | |||||||||||
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(2) |
Book value per common share, a financial measure often used by investors, is calculated using common shareholders' equity, a non-GAAP financial measure, which represents total shareholders' equity, a GAAP financial measure, reduced by the equity attributable to our preferred stock. The common shareholders' equity is divided by our common shares outstanding at the end of each respective period to derive book value per common share, as reflected in the following table (in millions, except share and per share amounts): |
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September 30, 2008 |
June 30,
2008 |
December 31,
2007 |
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Total shareholders’ equity |
$ | 2,608.3 | $ | 2,691.5 | $ | 2,654.7 | |||||
| Less: equity related to preferred shares | 97.5 | 97.5 | 97.5 | ||||||||
| Total common shareholders’ equity | $ | 2,510.8 | $ | 2,594.0 | $ | 2,557.2 | |||||
| Common shares outstanding | 60,095,825 | 63,883,378 | 69,521,494 | ||||||||
| Book value per common share | $ | 41.78 | $ | 40.61 | $ | 36.78 | |||||
A conference call to discuss the financial results will be held at 10:00 a.m. Eastern Time on Friday, October 31, 2008.
A live audio webcast of the conference call will be available on the Odyssey Re Holdings Corp. web site (www.odysseyre.com). In addition, callers not able to access the Internet may listen to the conference call by dialing (888) 661-5176 (domestic) or (913) 312-1402 (international), the passcode number is 6774240. A replay of the call will be available from 12:00 p.m. Eastern Time on Friday, October 31, 2008 until 11:59 p.m. Eastern Time on Saturday, November 8, 2008. To access the replay, please call either (888) 203-1112 (domestic) or (719) 457-0820 (international); the passcode number is 6774240.
Odyssey Re Holdings Corp. is a leading worldwide underwriter of property and casualty treaty and facultative reinsurance, as well as specialty insurance. OdysseyRe operates through its subsidiaries, Odyssey America Reinsurance Corporation, Hudson Insurance Company, Hudson Specialty Insurance Company, Clearwater Insurance Company, Newline Underwriting Management Limited, Newline Asia Services Pte. Ltd. and Newline Insurance Company Limited. The Company underwrites through offices in the United States, London, Paris, Singapore, Toronto and Latin America. Odyssey Re Holdings Corp. is listed on the New York Stock Exchange under the symbol ORH.
Certain statements contained herein may constitute forward-looking statements and are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: a reduction in net income if the Company's loss reserves are insufficient; the occurrence of catastrophic events with a frequency or severity exceeding the Company’s estimates; the lowering or loss of one of the Company's financial or claims-paying ratings, including those of the Company’s subsidiaries; an inability to realize the Company's investment objectives; a decrease in the level of demand for the Company's reinsurance or insurance business, or increased competition; emerging claim and coverage issues; risks relating to ongoing investigations by U.S. government authorities; the risk that ongoing regulatory developments will disrupt the Company's business or mandate changes in industry practices that increase the Company's costs; changes in economic conditions, including interest rate, currency, equity and credit conditions; the Company's inability to access its subsidiaries' cash; loss of services of any of the Company's key employees; risks related to the Company's use of reinsurance brokers; failure of the Company's reinsurers to honor their obligations; regulatory and legislative changes; risks associated with the growth of the Company's specialty insurance business; and other factors that are described in the Company's filings with the Securities and Exchange Commission. Except as otherwise required by federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Visit OdysseyRe’s web site – www.odysseyre.com – for additional information about the Company. In addition, anyone may view the Company’s historical press releases and filings with the Securities and Exchange Commission, which provide additional data regarding the Company's prior quarterly and year-to-date results. This historical information may be found on OdysseyRe’s web site under "Investor Information.”
Consolidated financial and segment information follows:
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ODYSSEY RE HOLDINGS CORP.
CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) |
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| September 30, | December 31, | |||||||||
| 2008 | 2007 | |||||||||
| (unaudited) | ||||||||||
| ASSETS | ||||||||||
| Investments and cash: | ||||||||||
| Fixed income securities, available for sale, at fair value (amortized cost $3,976,703 and | ||||||||||
| $4,370,999, respectively) | $ | 3,947,735 | $ | 4,402,260 | ||||||
| Fixed income securities, held as trading securities, at fair value (amortized cost $339,381 and | ||||||||||
| $232,505, respectively) | 297,209 | 243,164 | ||||||||
| Redeemable preferred stock, at fair value (cost $510 and $2,086, respectively) | 369 | 1,187 | ||||||||
| Equity securities: | ||||||||||
| Common stocks, at fair value (cost $987,630 and $805,707, respectively) | 970,298 | 885,751 | ||||||||
| Common stocks, at equity | 144,613 | 157,450 | ||||||||
| Short-term investments, at fair value | 286,120 | 483,757 | ||||||||
| Cash and cash equivalents | 1,927,964 | 897,963 | ||||||||
| Cash and cash equivalents held as collateral | 92,555 | 295,225 | ||||||||
| Other invested assets | 334,841 | 412,687 | ||||||||
| Total investments and cash | 8,001,704 | 7,779,444 | ||||||||
| Accrued investment income | 50,389 | 70,597 | ||||||||
| Premiums receivable | 568,564 | 470,227 | ||||||||
| Reinsurance recoverable on paid losses | 73,319 | 83,123 | ||||||||
| Reinsurance recoverable on unpaid losses | 651,303 | 643,509 | ||||||||
| Prepaid reinsurance premiums | 100,014 | 60,528 | ||||||||
| Funds held by reinsureds | 135,447 | 151,997 | ||||||||
| Deferred acquisition costs | 152,776 | 150,800 | ||||||||
| Other assets | 103,639 | 90,776 | ||||||||
| Total assets | $ | 9,837,155 | $ | 9,501,001 | ||||||
| LIABILITIES | ||||||||||
| Unpaid losses and loss adjustment expenses | $ | 5,335,783 | $ | 5,119,085 | ||||||
| Unearned premiums | 780,720 | 724,272 | ||||||||
| Reinsurance balances payable | 163,270 | 98,864 | ||||||||
| Funds held under reinsurance contracts | 69,233 | 84,696 | ||||||||
| Debt obligations | 489,247 | 489,154 | ||||||||
| Federal and foreign income taxes payable | 4,123 | 13,615 | ||||||||
| Obligation to return borrowed securities | - | 60,675 | ||||||||
| Other liabilities | 386,492 | 255,940 | ||||||||
| Total liabilities | 7,228,868 | 6,846,301 | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||
| Preferred shares, $0.01 par value; 200,000,000 shares authorized; 2,000,000 Series A shares and | ||||||||||
| 2,000,000 Series B shares issued and outstanding | 40 | 40 | ||||||||
| Common shares, $0.01 par value; 500,000,000 shares authorized; 60,203,970 and | ||||||||||
| 69,684,726 shares issued, respectively | 602 | 697 | ||||||||
| Additional paid-in capital | 603,409 | 958,544 | ||||||||
| Treasury shares, at cost (108,145 and 163,232 shares, respectively) | (4,032 | ) | (6,250 | ) | ||||||
| Accumulated other comprehensive (loss) income, net of deferred income taxes | (31,575 | ) | 85,023 | |||||||
| Retained earnings | 2,039,843 | 1,616,646 | ||||||||
| Total shareholders’ equity | 2,608,287 | 2,654,700 | ||||||||
| Total liabilities and shareholders’ equity | $ | 9,837,155 | $ | 9,501,001 | ||||||
| ODYSSEY RE HOLDINGS CORP. | |||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) | |||||||||||||||||||||
| (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) | |||||||||||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | ||||||||||||||||||
| REVENUES | |||||||||||||||||||||
| Gross premiums written | $ | 1,800,456 | $ | 1,757,347 | $ | 656,744 | $ | 635,837 | |||||||||||||
| Ceded premiums written | 207,347 | 150,267 | 84,937 | 60,027 | |||||||||||||||||
| Net premiums written | 1,593,109 | 1,607,080 | 571,807 | 575,810 | |||||||||||||||||
| Increase in unearned premiums | (20,750 | ) | (5,450 | ) | (26,414 | ) | (27,833 | ) | |||||||||||||
| Net premiums earned | 1,572,359 | 1,601,630 | 545,393 | 547,977 | |||||||||||||||||
| Net investment income | 200,329 | 252,470 | 62,505 | 86,467 | |||||||||||||||||
| Net realized investment gains | 565,368 | 256,786 | 196,743 | 87,623 | |||||||||||||||||
| Total revenues | 2,338,056 | 2,110,886 | 804,641 | 722,067 | |||||||||||||||||
| EXPENSES | |||||||||||||||||||||
| Losses and loss adjustment expenses | 1,181,388 | 1,080,864 | 469,084 | 377,471 | |||||||||||||||||
| Acquisition costs | 316,983 | 329,277 | 103,790 | 114,429 | |||||||||||||||||
| Other underwriting expenses | 129,888 | 127,928 | 43,493 | 44,101 | |||||||||||||||||
| Other expense (income), net | 13,192 | 11,310 | (6,018 | ) | 3,153 | ||||||||||||||||
| Interest expense | 25,827 | 28,286 | 8,390 | 9,410 | |||||||||||||||||
| Total expenses | 1,667,278 | 1,577,665 | 618,739 | 548,564 | |||||||||||||||||
| Income before income taxes | 670,778 | 533,221 | 185,902 | 173,503 | |||||||||||||||||
| Federal and foreign income tax provision (benefit): | |||||||||||||||||||||
| Current | 312,112 | 133,809 | 132,169 | 23,145 | |||||||||||||||||
| Deferred | (82,460 | ) | 48,918 | (69,508 | ) | 36,148 | |||||||||||||||
| Total federal and foreign income tax provision | 229,652 | 182,727 | 62,661 | 59,293 | |||||||||||||||||
| Net income | 441,126 | 350,494 | 123,241 | 114,210 | |||||||||||||||||
| Preferred dividends | (5,457 | ) | (6,275 | ) | (1,770 | ) | (2,091 | ) | |||||||||||||
| NET INCOME AVAILABLE TO COMMON SHAREHOLDERS | $ | 435,669 | $ | 344,219 | $ | 121,471 | $ | 112,119 | |||||||||||||
| BASIC | |||||||||||||||||||||
| Weighted average common shares outstanding | 64,746,841 | 70,855,391 | 61,405,332 | 70,951,182 | |||||||||||||||||
| Basic earnings per common share | $ | 6.73 | $ | 4.86 | $ | 1.98 | $ | 1.58 | |||||||||||||
| DILUTED | |||||||||||||||||||||
| Weighted average common shares outstanding | 65,222,274 | 71,906,912 | 61,859,163 | 71,436,813 | |||||||||||||||||
| Diluted earnings per common share | $ | 6.68 | $ | 4.79 | $ | 1.96 | $ | 1.57 | |||||||||||||
| DIVIDENDS | |||||||||||||||||||||
| Dividends declared per common share | $ | 0.200 | $ | 0.188 | $ | 0.075 | $ | 0.063 | |||||||||||||
| COMPREHENSIVE INCOME | |||||||||||||||||||||
| Net income | $ | 441,126 | $ | 350,494 | $ | 123,241 | $ | 114,210 | |||||||||||||
| Other comprehensive (loss) income, net of tax | (115,213 | ) | 44,369 | (59,334 | ) | 86,461 | |||||||||||||||
| Comprehensive income | $ | 325,913 | $ | 394,863 | $ | 63,907 | $ | 200,671 | |||||||||||||
| ODYSSEY RE HOLDINGS CORP. | ||||||||||||||||||||||||
| BUSINESS SEGMENTS (UNAUDITED) | ||||||||||||||||||||||||
| (IN THOUSANDS) | ||||||||||||||||||||||||
| Nine Months Ended | Three Months Ended | |||||||||||||||||||||||
| September 30, | % | September 30, | % | |||||||||||||||||||||
| 2008 | 2007 | Change | 2008 | 2007 | Change | |||||||||||||||||||
| GROSS PREMIUMS WRITTEN | ||||||||||||||||||||||||
| Americas | $ | 598,957 | $ | 642,961 | (6.8 | ) | % | $ | 234,783 | $ | 224,873 | 4.4 | % | |||||||||||
| EuroAsia | 491,865 | 430,615 | 14.2 | 151,409 | 141,847 | 6.7 | ||||||||||||||||||
| London Market | 278,463 | 263,707 | 5.6 | 98,190 | 102,093 | (3.8 | ) | |||||||||||||||||
| U.S. Insurance | 431,171 | 420,064 | 2.6 | 172,362 | 167,024 | 3.2 | ||||||||||||||||||
| Total | $ | 1,800,456 | $ | 1,757,347 | 2.5 | % | $ | 656,744 | $ | 635,837 | 3.3 | % | ||||||||||||
| NET PREMIUMS WRITTEN | ||||||||||||||||||||||||
| Americas | $ | 586,593 | $ | 629,039 | (6.7 | ) | % | $ | 229,362 | $ | 220,393 | 4.1 | % | |||||||||||
| EuroAsia | 469,361 | 410,334 | 14.4 | 141,888 | 133,285 | 6.5 | ||||||||||||||||||
| London Market | 223,835 | 233,658 | (4.2 | ) | 83,304 | 91,721 | (9.2 | ) | ||||||||||||||||
| U.S. Insurance | 313,320 | 334,049 | (6.2 | ) | 117,253 | 130,411 | (10.1 | ) | ||||||||||||||||
| Total | $ | 1,593,109 | $ | 1,607,080 | (0.9 | ) | % | $ | 571,807 | $ | 575,810 | (0.7 | ) | % | ||||||||||
| NET PREMIUMS EARNED | ||||||||||||||||||||||||
| Americas | $ | 586,760 | $ | 633,599 | (7.4 | ) | % | $ | 208,663 | $ | 214,775 | (2.8 | ) | % | ||||||||||
| EuroAsia | 437,215 | 411,264 | 6.3 | 137,578 | 136,655 | 0.7 | ||||||||||||||||||
| London Market | 231,237 | 231,643 | (0.2 | ) | 83,875 | 75,472 | 11.1 | |||||||||||||||||
| U.S. Insurance | 317,147 | 325,124 | (2.5 | ) | 115,277 | 121,075 | (4.8 | ) | ||||||||||||||||
| Total | $ | 1,572,359 | $ | 1,601,630 | (1.8 | ) | % | $ | 545,393 | $ | 547,977 | (0.5 | ) | % | ||||||||||
| Nine Months Ended | Percentage | Three Months Ended | Percentage | |||||||||||||||||||||
| September 30, | Point | September 30, | Point | |||||||||||||||||||||
| 2008 | 2007 | Change | 2008 | 2007 | Change | |||||||||||||||||||
| LOSSES AND LOSS | ||||||||||||||||||||||||
| ADJUSTMENT EXPENSES RATIO | ||||||||||||||||||||||||
| Americas | 87.8 | % | 71.8 | % | 16.0 | 127.3 | % | 78.0 | % | 49.3 | ||||||||||||||
| EuroAsia | 72.9 | 67.7 | 5.2 | 60.4 | 62.1 | (1.7 | ) | |||||||||||||||||
| London Market | 63.6 | 61.1 | 2.5 | 67.1 | 66.5 | 0.6 | ||||||||||||||||||
| U.S. Insurance | 63.2 | 63.4 | (0.2 | ) | 55.7 | 61.9 | (6.2 | ) | ||||||||||||||||
| Total | 75.1 | % | 67.5 | % | 7.6 | 86.0 | % | 68.9 | % | 17.1 | ||||||||||||||
| ACQUISITION COSTS AND OTHER | ||||||||||||||||||||||||
| UNDERWRITING EXPENSES RATIO | ||||||||||||||||||||||||
| Americas | 32.1 | % | 31.0 | % | 1.1 | 30.7 | % | 31.6 | % | (0.9 | ) | |||||||||||||
| EuroAsia | 26.1 | 27.3 | (1.2 | ) | 26.2 | 26.7 | (0.5 | ) | ||||||||||||||||
| London Market | 26.8 | 26.2 | 0.6 | 23.8 | 26.2 | (2.4 | ) | |||||||||||||||||
| U.S. Insurance | 26.0 | 27.0 | (1.0 | ) | 23.5 | 28.4 | (4.9 | ) | ||||||||||||||||
| Total | 28.5 | % | 28.5 | % | - | 27.0 | % | 28.9 | % | (1.9 | ) | |||||||||||||
| COMBINED RATIO | ||||||||||||||||||||||||
| Americas | 119.9 | % | 102.8 | % | 17.1 | 158.0 | % | 109.6 | % | 48.4 | ||||||||||||||
| EuroAsia | 99.0 | 95.0 | 4.0 | 86.6 | 88.8 | (2.2 | ) | |||||||||||||||||
| London Market | 90.4 | 87.3 | 3.1 | 90.9 | 92.7 | (1.8 | ) | |||||||||||||||||
| U.S. Insurance | 89.2 | 90.4 | (1.2 | ) | 79.2 | 90.3 | (11.1 | ) | ||||||||||||||||
| Total | 103.6 | % | 96.0 | % | 7.6 | 113.0 | % | 97.8 | % | 15.2 | ||||||||||||||
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