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The Fairfax group's reinsurance operation, Odyssey Re Holdings Corp. (NYSE: ORH) saw net income for the first quarter of this year fall by 38.5% to US$36.2 million compared with the US$59 million reported for the same period in 2004. This equates to earnings of 53¢ a share for the latest reporting period versus 85¢ a share disclosed the year prior.
The reinsurer's gross premiums for the first quarter of 2005 clocked in 8.3% higher...