Odyssey Re widens 2005 loss as it restates 2001-05 results

April 3, 2006
Posted April 12, 2006

NEW YORK, April 3 (Reuters) - Reinsurer Odyssey Re Holdings Corp. (ORH.N) on Monday reported a wider loss of $1.62 a share for 2005, compared with an initial report of $1.57, after changing the way it accounted for a ceded reinsurance contract.

The company said it had determined that it did not maintain effective internal controls over the accounting for complex reinsurance transactions and would look at ways to supplement existing controls.

Odyssey Re in February said it would restate its results for the years 2001 through 2004 and for the nine months ended Sept. 30, 2005, due to an error in accounting treatment for certain reinsurance contracts.


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