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.
Copyright © 2006 Reuters 2006
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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