Fairfax subsidiary OdysseyRe's premiums slip

U.S.-based reinsurer Odyssey Re Holdings Corp., a subsidiary of Fairfax Financial Holdings Ltd., wrote net premiums of $499 million in the third quarter, down around 2%, Artemis.bm reported. Fairfax said that the decline "reflects the impact of additional purchases of property catastrophe excess of loss reinsurance at favorable pricing, which will significantly mitigate the impact of small to medium-sized catastrophe events on OdysseyRe's U.S. and international operations." OdysseyRe's underwriting profit fell to $58.5 million in the third quarter and $132.9 million in the first nine months.

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