2020 ANNUAL REPORT
2020 ANNUAL REPORT
OdysseyRe prides itself on its stability, underwriting discipline and quality service. Our reinsurance business operates through a global network of 14 branch and representative offices across five regions: North America, Latin America, Europe, Middle East and Africa (EMEA), AsiaPacific and London. Each region is comprised of talented, dedicated teams of underwriters, actuaries, claims professionals and catastrophe modelers.
Our portfolio is primarily underwritten through our flagship company, Odyssey Reinsurance Company, with Odyssey Re Europe S.A. available only under specific circumstances.
In 2020, we wrote $2.2 billion of gross premiums written, an increase of 20% over the prior year, with growth coming from nearly every region and most product lines. Our reinsurance results were excellent, despite a $138 million loss provision for COVID-19, most of which related to property business interruption claims in Europe and South Africa. For the 9th year running, our reinsurance portfolio produced an underwriting profit, generating a combined ratio of 92.4%, compared to 93.7% in 2019. The improvement in our underwriting margin year-on-year was mostly driven by lower catastrophe losses affecting our results in 2020.
With the stability of our workforce and the consistency of our underwriting and claims handling, we are well-positioned to meet our clients’ unique reinsurance needs for many years to come.
2020 Gross Premiums Written
$2.2
Billion
2020 COMBINED RATIO
92.4%
*Other includes Cyber Liability, Energy, Aerospace, Multiline.
*Other includes Cyber Liability, Energy, Aerospace, Multiline.
2020 COMBINED RATIO
92.4%
North America
EMEA
AsiaPacific
Latin America
London
Brian D. Quinn
Chief Executive Officer
OdysseyRe’s North America team offers treaty and facultative reinsurance to clients in the U.S. and Canada. Treaty facilities are based in Stamford, with additional offices in Toronto and Montreal. Casualty facultative underwriters operate from New York and Chicago.
Treaty:
Facultative:
2020 Gross Premiums Written
$1.2
Billion
*Other includes Crop, Cyber Liability, Marine, Aerospace.
*Other includes Crop, Cyber Liability, Marine, Aerospace.
U.S.
Canada
Treaty:
Facultative:
Isabelle Dubots-Lafitte
Chief Executive Officer
OdysseyRe offers treaty reinsurance in Europe, the Middle East and Africa (EMEA) from its offices in Paris and Stockholm. The Paris-based underwriting team is responsible for writing property and casualty treaties in EMEA, while the Stockholm office services the Nordic and Baltic markets.
2020 GROSS PREMIUMS WRITTEN
$459.7
Million
Europe
Middle East
Africa
Lucien Pietropoli
Chief Executive Officer
OdysseyRe’s AsiaPacific team underwrites treaty reinsurance from Singapore, with the support of two representative offices in Beijing and Tokyo. Its geographical focus includes China, Japan, South Korea, Indonesia, Hong Kong, India, South East Asia, Australia and New Zealand.
2020 GROSS PREMIUMS WRITTEN
$278.4
Million
China
Japan
South East Asia/Pacific
India
South Korea
Philippe E. Mallier
Chief Executive Officer
OdysseyRe provides treaty and facultative reinsurance to clients located in all countries throughout Latin America and the Caribbean. Underwriters are based in Mexico City, Miami and São Paulo, Brazil.
Treaty:
Facultative:
2020 GROSS PREMIUMS WRITTEN
$121.7
Million
Treaty
Facultative
Treaty:
Facultative:
Carl A. Overy
Chief Executive Officer
OdysseyRe’s London branch provides treaty solutions to reinsurance clients principally operating from the U.K., including Lloyd’s. For certain classes of business, such as marine, energy, aerospace and retro, the branch has a global remit given the London market’s leadership positions in these sectors.
2020 GROSS PREMIUMS WRITTEN
$113.0
Million
*Other includes Credit & Bond, Accident & Health, Energy, Aerospace.
*Other includes Credit & Bond, Accident & Health, Energy, Aerospace.