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ORH - 10-Q NAIC Filing discrepency


benhacker
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I'm not sure if anyone here can help, but I can't figure it out after thinking on it for a bit, so I wanted to put thie out there.

 

In ORH's 10-Q --> $1.6B in stocks, $4.2B in bonds (roughly) [http://www.sec.gov/Archives/edgar/data/1137048/000090956709000396/o55115e10vq.htm#103]

 

In ORH's Q1 NAIC Filing --> $2.6B in bonds, $2.4B in stocks (roughly, page 2) [see attached]

 

I've never done much with these insurance filings before, I usually just peruse the investments detail.  I can imagine how the insurance categorization of bond and stock or cash may vary, but the difference seems to be crazy here.  I figured I must be reading something wrong...

 

Could it be that convertibles are listed as stocks in one filing on bonds in another?  Could they have $1B in converts at the ORH level (I don't think so, but I haven't spreadsheeted it out...).

 

Is there some discrepency due to the fact that this filing is for Odyssey Re America as opposed to Odyssey Re Holdings and there is some crazy holdco/sub relationship / netting that I don't get?

 

Thoughts?

 

Thanks in advance,

 

Ben

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