Moody's upgrades Odyssey Re's rating to A2

Moody's has upgraded the financial strength rating of Odyssey Reinsurance Company and its subsidiaries from A3 to A2. It justifies its decision by the strong underwriting results achieved by the reinsurer during the previous years. However, the agency has revised the rating's outlook from positive to stable.

Moody's highlights that despite the losses related to natural disasters over the past two years, the group reported a combined ratio of 93.6% in 2018 and 97.6% in 2017. This indicator is significantly lower than that of some other companies.

The agency has also appreciated Odyssey Re's prudent and selective underwriting policy as well as the geographic diversification of its portfolio.

Based in the United States, Odyssey Re Group is a wholly-owned subsidiary of Fairfax Financial Holdings.

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