Odyssey Re says storms could take US$29 million toll on results

Fairfax’s Odyssey Re Holdings Corp. says last year’s extreme weather, combined with Windstorm Erwin earlier this year, could produce after-tax net losses of US$26-$29 million, which will be factored into first-quarter 2005 results. The total includes a US$14-US$15 million increase in loss estimates for the Florida hurricanes, Typhoon Songa and the December 26 Indonesian tsunami. It also includes US$12-$14 million in estimated losses from Windstorm Erwin, which hit Northern Europe from Italy to Russia between January 7-9, 2005.