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STAMFORD, Conn.--Odyssey Re Holdings Corp. has once again restated its financial results for the 2001-2005 period, resulting in a cumulative increase of $16 million in shareholder equity, the Stamford, Conn.-based reinsurer has announced.
Additionally in its late-Monday announcement, the company said it had "determined that the company did not maintain effective controls, review procedures and communications related to investment accounting to ensure conformity with generally accepted accounting principles, which constitutes a material weakness. To address the material weakness, management will implement a remediation plan that will supplement the existing controls of the company."
According to the reinsurer, the restatements increased shareholders' equity by $16 million, to $1.64 billion, as of Dec. 31, 2005. "The aggregate net effect of the restatement for each period is to increase 2005 net loss by $12.2 million, increase 2004 net income by $6.9 million, increase 2003 net income by $12.4 million, increase 2002 net income by $11.2 million and increase 2001 net loss by $3.4 million," said the company in the statement announcing the changes.
The company in late July had announced that it would restate its results to correct the accounting treatment for investments containing embedded derivatives and certain equity method investments.