Odyssey Re Holdings Corp. Q3 2008 Earnings Call Transcript

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2008-10-31 10:26:14.0

Tags: Fixed Income, Call Transcript, Earnings, RBC Capital Markets, Odyssey Re Holdings Corp., Insurance, Financial Planning, Investment, Financial Services, Business Operations, Corporate Insurance, Finance, Seeking Alpha, Fixed Income, Call Transcript, Earnings, RBC Capital Markets, Odyssey Re Holdings Corp., Insurance, Financial Planning, Investment, Financial Services, Business Operations, Corporate Insurance, Finance, Seeking Alpha

Question-and-Answer Session

Operator

Thank you sir. (Operator instructions) Our first question comes from Doug Miehm with RBC Capital Markets.

Doug MiehmRBC Capital Markets

Hi, good morning. Just a few quick questions; first, the other expense line on your income statements show it actually other income was that the foreign exchange gain that you’ve discussed earlier in the call?

Andy Barnard

Yes. Exactly right.

Doug MiehmRBC Capital Markets

Okay. Do you will have the deterioration of your fixed income portfolio? I may have missed it during the – we in both call?

Andy Barnard

I didn’t offer, But it just under nine, that would be fixed income alone and it will include the cash would be a just over six.

Doug MiehmRBC Capital Markets

Just over six. Okay. And also Andy, what was the contribution of Hudson crop if any to your US insurance business in the quarter?

Andy Barnard

Yeah, I can go ahead answer it, obviously the compared is that which you're looking for, since the third quarter of '07 the gross premium written was about $19 million, the third quarter of '08 was about $37 million.

Doug MiehmRBC Capital Markets

Okay. And Scott, what – I guess what's the general appetite for share repurchase, I know you've been very aggressive slightly in a estimate, you've made the repurchase at very good prices, seeing where the insurance markets are going, do you – are you going to maybe separate you capital little bit more or do you think that share repurchases are still a pretty good deal right now?

Andy Barnard

Doug, this is Andy, we think share repurchase it's a pretty good deal right now at the same time we are of course looking that the environment for our business and we will take the prospect of improved and perhaps much improved conditions into account as we decide on further share repurchases. I think that based on what our capital is today, we do have the capacity for a significant growth, if that prospect is there that materializes. So, we're certainly not working to suspend our share repurchases program at the present time, but there are different facts and circumstances to take into account today then it were say quarter ago.

Doug MiehmRBC Capital Markets

And what's the remaining on your current authorizations?

Andy Barnard

It's about a 145 brand numbers.

 

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