LET'S GET STARTED
As we begin Odyssey Group’s 30th year as a Fairfax Company, I cannot help but feel immense pride and gratitude: pride for what we have accomplished and gratitude for the opportunity to serve as its leader. Odyssey’s evolution, from $120 million in gross premiums written and $290 million in equity in 1996 to $6.6 billion in gross premiums written and over $7 billion in equity in 2025, has been truly remarkable. This is a testament to the diligent work of our colleagues around the world – those deploying capacity, supporting clients, handling claims, managing reserves and keeping our operations running smoothly. It also reflects the enduring relationships we have built with our clients and business partners, many of whom have worked with us for decades.
CARL OVERY
President &
Chief Executive Officer
READ CEO MESSAGE
2025
FINANCIAL REPORT
2025
AT A GLANCE
A+
(Superior)
AM Best
AA-
(Very Strong)
S&P
A2
(Good) Moody’s
$6.6B
Gross Premiums Written
92.1%
Combined Ratio
$1.5B
Net Income
$7.4B
Total Equity
$6.3B
Statutory Surplus
$23.7B
Total Assets
FINANCIAL HIGHLIGHTS December 31, 2025
(U.S. $ in Millions)
Year Ended Dec 31, 2025
Year Ended Dec 31, 2024
Total Assets
23,660
$
21,374
$
Total Equity
7,412
6,395
Gross Premiums Written
6,600
6,568
Underwriting Profit
476
543
Operating Income before Income Taxes1
1,393
1,392
Net Income
1,521
1,080
Combined Ratio
92.1%
90.6%
Change in Equity2
24.5%
18.4%
U.S. GAAP Basis
U.S. Statutory Basis
Statutory Surplus
6,313
5,334
$
Net Premiums Written to Statutory Surplus (Annualized)
0 . 9 : 1
1 . 1 : 1
$
INVESTMENT PORTFOLIO Total Investments & Cash of $18 Billion at December 31, 2025
2025 GROSS PREMIUMS WRITTEN
$6.6 BILLION
By Brand
By U.S./Non-U.S.
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
RATINGS
Property
Casualty
medical professional liability
Specialty
5%
accident & health
7%
10%
4%
affinity & special risks
2%
surety & credit
crop
motor & auto
2%
2%
cyber
marine
other*
*Other includes energy, aerospace and multiline
25%
general casualty
6%
financial products
5%
professional liability
2%
13%
proportional
12%
cat
4%
per risk
29%
33%
38%
Other
2%
Corporate Bonds
4%
Investment Funds & Partnerships
6%
Cash & Short Term
10%
10%
Real Estate & Mortgages
30%
Equities
Government Bonds
38%
Hudson 31%
Newline 9%
OdysseyRe 60%
3%
4%
5%
8%
North America
40%
EMEA
Latin America
AsiaPac
London
Total Reinsurance 60%
Total Insurance 40%
38%
U.S. Reinsurance
Non-U.S. Reinsurance
22%
U.S. Insurance
31%
Non-U.S. Insurance
9%
1%
GROSS PREMIUMS
WRITTEN
30%
As we begin Odyssey Group’s 30th year as a Fairfax Company, I cannot help but feel immense pride and gratitude: pride for what we have accomplished and gratitude for the opportunity to serve as its leader. Odyssey’s evolution, from $120 million in gross premiums written and $290 million in equity in 1996 to $6.6 billion in gross premiums written and over $7 billion in equity in 2025, has been truly remarkable. This is a testament to the diligent work of our colleagues around the world – those deploying capacity, supporting clients, handling claims, managing reserves and keeping our operations running smoothly. It also reflects the enduring relationships we have built with our clients and business partners, many of whom have worked with us for decades.
A Message from the CEO
Dear Friends, Business Partners and Colleagues,
Our strong performance in 2025 enabled us to earmark a record $30 million contribution for future philanthropic initiatives."
As we begin Odyssey Group's 30th year as a Fairfax Company, I cannot help but feel immense pride and gratitude: pride for what we have accomplished and gratitude for the opportunity to serve as its leader. Odyssey's evolution, from $120 million in gross premiums written and $290 million in equity in 1996 to $6.6 billion in gross premiums written and over $7 billion in equity in 2025, has been truly remarkable. This is a testament to the diligent work of our colleagues around the world – those deploying capacity, supporting clients, handling claims, managing reserves and keeping our operations running smoothly. It also reflects the enduring relationships we have built with our clients and business partners, many of whom have worked with us for decades.
Our staff of 1,431 includes over 40 employees who have been with us for more than 30 years, as several were employed by our predecessor companies – Skandia America, Compagnie Transcontinentale de Réassurance (CTR) and TIG Re. Their tenure demonstrates an exceptional commitment: a full career with one organization, something rarely seen in today's business environment. From Odyssey's earliest days to the present, they have carried forward our culture and values and helped pass on to the next generation those qualities that make Odyssey what it is.
To celebrate this milestone, we have included their photos in this report as a sign of our appreciation for their dedication and the lasting contributions they have made over the past three decades. We also unveiled a refreshed brand identity that aligns our Hudson and Newline brands with OdysseyRe and Odyssey Group, reflecting our collective strength and reinforcing the long-term financial security we provide.
These past three decades would not have been possible without the unwavering support of Prem Watsa and the leadership of Fairfax, including former Odyssey CEOs Andy Barnard and Brian Young. Both Andy and Brian established a foundation rooted in integrity, discipline, and a long-term perspective that continues to guide how we operate today. We are deeply grateful for the values they uphold and the confidence they place in our team, all of which has positioned Odyssey for lasting success.
Moving on to our results, 2025 was an exceptionally good year. Net income rose by over $440 million to $1.5 billion, breaking a record that had been set just last year. This enabled us to grow our equity by $1.0 billion (after dividends paid of $550 million) to $7.4 billion, further strengthening our balance sheet and our ability to successfully weather future storms. Our combined ratio of 92.1% marked the 14th consecutive year that Odyssey recorded an underwriting profit, and it was also the 18th consecutive year of favorable prior year development, both of which are a testament to our disciplined underwriting approach and prudent reserving philosophy.
We have also remained deeply committed to giving back to the communities in which we live and work. In 2025, we donated a total of $17 million to over 200 charities around the world, which included those nominated by our employees as part of the Odyssey Group Foundation's biennial nomination campaign. Each year, we set aside 2% of our pre-tax earnings for philanthropic endeavors, and I'm pleased to report that our strong performance in 2025 enabled us to earmark a record $30 million contribution for future philanthropic initiatives. I encourage you to take a moment and learn about the Odyssey Group Foundation's good works by visiting our Foundation's website.
As I navigate my second full year as Odyssey's CEO, we will continue to focus on expanding thoughtfully in high-value specialty classes, investing in analytics and tools that elevate decision-making, and growing our global capabilities. Whilst the risk landscape is becoming more complex, our approach remains grounded in discipline, technical excellence and long-term value creation.
On behalf of everyone at Odyssey, I would like to extend our sincere gratitude to our clients and business partners. Your continued trust and support have made this milestone possible, and we look forward to our continued partnership and the exciting possibilities that lie ahead.
To all of my Odyssey colleagues around the world, congratulations on another outstanding year. Your hard work, integrity and exceptional service to clients and colleagues drive our success and set us apart in every way. Together, we have built a strong and resilient organization, and I am confident we will continue to achieve even more in the years ahead.
Thank you all for everything you do.
Carl A. Overy
President & Chief Executive Officer
*All figures presented are on a U.S. GAAP basis.
Whilst the risk landscape is becoming more complex, our approach remains grounded in discipline, technical excellence and long-term value creation. "
BACK TO THE TOP
