THE JOURNEY CONTINUES...
LET'S GET STARTED
It is a great privilege to address you as the third CEO in Odyssey Group’s 29-year history as a Fairfax Company. Having spent over two decades with Newline and OdysseyRe, it goes without saying that the steadfast leadership and consistency of our business strategy have created an enduring legacy that I am proud to carry forward.
CARL OVERY
President & Chief Executive Officer
READ CEO MESSAGE
2024
FINANCIAL REPORT
2024
AT A GLANCE
A+
(Superior)
AM Best
A+
(Strong)
Standard & Poor’s
A2
(Good)
Moody’s
$6.6B
Gross Premiums Written
90.6%
Combined Ratio
$1.1B
Net Income
$6.4B
Total Equity
$5.3B
Statutory Surplus
$21.4B
Total Assets
FINANCIAL HIGHLIGHTS December 31, 2024
(U.S. $ in Millions)
Year Ended Dec 31, 2024
Year Ended Dec 31, 2023
Total Assets
21,374
$
20,961
$
Total Equity
6,395
5,963
Gross Premiums Written
6,568
6,587
Underwriting Profit
543
365
Operating Income before Income Taxes1
1,392
973
Net Income
1,080
982
Combined Ratio
90.6%
93.9%
Change in Equity2
18.4%
19.8%
U.S. GAAP Basis
U.S. Statutory Basis
Statutory Surplus
5,334
4,977
$
Net Premiums Written to Statutory Surplus (Annualized)
1 . 1 : 1
1 . 2 : 1
$
INVESTMENT PORTFOLIO Total Investments & Cash of $16 Billion at December 31, 2024
2024 GROSS PREMIUMS WRITTEN
$6.6 BILLION
Gross Premiums by Brand
Gross Premiums by U.S./Non-U.S.
AT A GLANCE
Download Financial Report
1 Represents income before income taxes excluding net realized investment gains and losses
2 Excludes the impact on equity of dividends and capital items
34%
Crop
SPECIALTY
10%
9%
Accident & Health
3%
2%
2%
2%
4%
Cyber
Affinity & Special Risks
Other*
*Other includes Energy, Aerospace and Multiline
37%
General Casualty
CASUALTY
23%
Financial Products
6%
Professional Liability
6%
2%
Medical Professional Liability
PROPERTY
29%
12%
Proportional
11%
Cat
6%
Per Risk
Marine
2%
Surety & Credit
Motor/ Auto
A Message from the CEO
Dear Friends, Business Partners and Colleagues,
The steadfast leadership and consistency of our business strategy have created an enduring
legacy that I am proud
to carry forward."
It is a great privilege to address you as the third CEO in Odyssey Group’s 29-year history as a Fairfax Company. Having spent over two decades with Newline and OdysseyRe, it goes without saying that the steadfast leadership and consistency of our business strategy have created an enduring legacy that I am proud to carry forward.
Brian Young, who served as the Group’s CEO from 2011 through my appointment on January 1 of this year, could not have left Odyssey in better shape, and I am pleased to report that 2024 was Odyssey’s strongest year ever with a record underwriting gain of $543 million*, record investment income of nearly $900 million and record net income of $1.1 billion. Gross premiums written totaled $6.6 billion, which was broadly flat from the prior year. Whilst overall the market continues to be attractive in many segments, growth is made more difficult given the influx of capacity and rate reductions on the more profitable lines of business.
We recorded a combined ratio of 90.6%, which makes 2024 the 13th consecutive year of achieving an underwriting profit. Each of our three operating platforms – OdysseyRe, Hudson and Newline – produced a combined ratio below 100%, contributing to this stellar result. Whilst Cats slightly exceeded expectations, 2024 proved to be a lighter year than previous ones, with losses mainly from Hurricane Milton and a multitude of smaller events. Additionally, we saw favorable prior year loss development for the 17th consecutive year.
Being mindful of the tragic California wildfires that occurred at the beginning of this year, I would like to remind everyone that our ability to withstand such losses, and more, has greatly improved over the past decade. In 2024, we saw an increase in equity of over $400 million after dividends, which further enhanced our already strong balance sheet. This, combined with reasonable underwriting margins, a robust reserve position and a solid flow of investment income, makes us well-positioned for the future.
Discipline, patience and being opportunistic at the right time has driven our success in recent years, and that will continue to be our strategy as we look to the future. We will continue to invest in technology and, most importantly, our people. Nurturing talent is a critical element in sustaining our business for the long term, and the longevity of our employee tenure is a testament to our strong culture.
Our ongoing commitment to give back to the communities in which we live and work remains deeply ingrained in our culture. Each year, we set aside 2% of our pre-tax earnings for philanthropic endeavors. In 2024, we donated a total of $11 million to 80 charities around the world and earmarked $19 million for future donations – our largest ever. I encourage you to take a moment and learn about the Odyssey Group Foundation’s good works by visiting our website.
In January, Brian assumed his new position as President of Fairfax Insurance Group, reporting to his own predecessor, Odyssey’s first CEO and current Chairman of Fairfax Insurance Group, Andy Barnard. Fortunately for us all, he will continue to watch over Odyssey from afar, providing management oversight of Fairfax’s expansive global (re)insurance operations. I cannot thank him enough for his strategic leadership, guidance and support throughout my career at Odyssey. I am honored to be his successor and am committed to upholding the high standards he has set. I also want to thank the leadership at Fairfax, especially Prem Watsa, Peter Clarke and Andy, for their unwavering support. They have laid the groundwork to ensure our continued success and have fostered a culture based on timeless guiding principles that makes our Company a business that is built to last. To our clients and business partners, I am truly grateful for the opportunity to serve you. I very much appreciate the warm welcome you have extended to me, and I look forward to our continued partnership. Thank you for placing your business and your trust in us.
To my colleagues near and far around the world, congratulations on a fantastic year! Thank you for your hard work, commitment to excellence and continued loyalty. The wind is at our back, and by working creatively, collaboratively and with the utmost integrity, our momentum will continue for many years to come.
Carl A. Overy
Chief Executive Officer
*All figures presented are on a U.S. GAAP basis.
We donated a total of $11 million to 80 charities around the world and earmarked $19 million for future donations – our largest ever.
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