2023 ANNUAL REPORT
2023 ANNUAL REPORT
Odyssey Reinsurance Company 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 13 branch, representative and service offices across five regions: North America, Latin America, Europe, Middle East & Africa (EMEA), AsiaPacific and London. Each region is comprised of talented, dedicated teams of underwriters, actuaries, claims professionals and catastrophe modelers.
In 2023, we produced $3.7 billion of gross premiums written, an increase of 0.5% over the prior year. While growth was relatively flat, our five-year average growth rate is 15%, reflecting improving market conditions in reinsurance in recent years. Our reinsurance portfolio generated a combined ratio of 89.5% in 2023, compared to 95.5% in 2022, which is a testament to our defined risk appetite, diversification and underwriting discipline.
We continue to be excited about the reinsurance market and are open to expanding our portfolios where pricing is adequate. The stability of our workforce, our focus on customer service and our capital strength means that we are well positioned to meet our clients’ reinsurance needs for many years to come.
$3.7B
2023 Gross Premiums Written
89.5%
2023 Combined Ratio
*Other includes Aerospace, Energy and Multiline
5%
London
8%
Latin America
8%
AsiaPacific
16%
EMEA
63%
North America
Treaty:
Facultative:
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.
Brian D. Quinn
Chief Executive Officer
Treaty:
Facultative:
$2.4B
2023 Gross Premiums Written
*Other includes Crop, Marine and Aerospace
5%
Canada
95%
U.S.
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 underwriting all property and casualty treaties in EMEA, while the Stockholm office services the Nordic and Baltic markets.
Isabelle Dubots-Lafitte
Chief Executive Officer, Europe, Middle East and Africa
$614M
2023 Gross Premiums Written
6%
Africa
38%
Middle East
56%
Europe
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, Hong Kong, India, Southeast Asia, Australia and New Zealand.
Lucien Pietropoli
Chief Executive Officer
$303M
2023 Gross Premiums Written
6%
South Korea
7%
India
23%
Japan
27%
South East Asia / Pacific
37%
China
Treaty:
Facultative:
OdysseyRe provides treaty and facultative reinsurance to clients located in all countries throughout Latin America and the Caribbean. Underwriters are based in Mexico City and Miami.
Philippe E. Mallier
Chief Executive Officer
Treaty:
Facultative:
$292M
2023 Gross Premiums Written
*Other includes Accident & Health, Multiline and Aerospace
42%
Facultative
58%
Treaty
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.
Robert Pollock
Chief Executive Officer
$179M
2023 Gross Premiums Written
*Other includes Credit & Bond, Accident & Health, Energy, Multiline and Affinity
