2021 ANNUAL REPORT
2021 ANNUAL REPORT
OdysseyRe brings its expertise, high-quality service and capital to the table every day to deliver innovative reinsurance solutions to our clients and business partners around the world. We value our long-term relationships, seek to form new relationships and pride ourselves on exceeding service expectations.
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 2021, we wrote $2.8 billion of gross premiums written, an increase of 28% over the prior year, with growth coming from every region and most product lines. In what was another difficult year for the industry, our nine-year underwriting profit streak unfortunately came to an end. Our reinsurance portfolio generated a combined ratio of 100.0% in 2021, compared to 92.4% in 2020, with the high Cat activity being largely offset by positive results in other lines.
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.
$2.8
Billion
100.0%
*Other includes Energy, Aerospace, Multiline.
*Other includes Energy, Aerospace, Multiline.
100.0%
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.
$1.7
Billion
Treaty:
Facultative:
*Other includes Crop, Marine, Aerospace.
*Other includes Crop, 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.
$531.0
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.
$292.8
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.
$160.7
Million
Treaty:
Facultative:
*Other includes Accident & Health, Multiline, Aerospace.
*Other includes Accident & Health, Multiline, Aerospace.
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.
$134.6
Million
*Other includes Credit & Bond, Accident & Health, Energy, Aerospace.
*Other includes Credit & Bond, Accident & Health, Energy, Aerospace.
