(1) A portion of the gross premiums written by the U.S. Insurance division has been ceded to, and is also included in, the Americas division’s gross premiums written. Accordingly the total gross premiums written as shown in the tables above do not agree to the gross premiums written of $2,656.5 million, $2,558.2 million and $1,894.5 million for the years ended December 31, 2004, 2003 and 2002, respectively, reflected in the consolidated statements of operations. The Company does not maintain separate balance sheet data for each of its operating segments. Accordingly, the Company does not review and evaluate the financial results of its operating segments based upon balance sheet data. Gross Premiums Written by Type of Business/Business Unit 88 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued ODYSSEY RE HOLDINGS CORP. Years Ended December 31, 2004 2003 2002 Property excess of loss $ 108,375 $ 116,984 $ 114,742 Property proportional 201,004 254,518 189,592 Casualty excess of loss 219,035 249,856 241,202 Casualty proportional 479,671 573,944 460,564 Marine and aerospace 33,564 20,680 13,040 Surety and credit 47,825 45,403 28,717 Miscellaneous lines 12,201 14,976 28,620 Facultative reinsurance 161,535 145,020 112,526 Subtotal Americas 1,263,210 1,421,381 1,189,003 Property excess of loss 126,739 99,348 57,753 Property proportional 191,621 150,157 102,780 Casualty excess of loss 51,642 35,109 17,901 Casualty proportional 54,029 26,903 24,704 Marine and aerospace 41,756 29,947 16,003 Surety and credit 58,462 40,429 11,726 Facultative reinsurance 4,482 8,596 24,614 First Capital 24,940 17,588 3,165 Subtotal EuroAsia 553,671 408,077 258,646 London Branch Property excess of loss 66,159 47,966 45,877 Property proportional 6,900 14,643 11,267 Casualty excess of loss 22,889 19,283 9,878 Casualty proportional 23,531 14,992 6,948 Marine and aerospace 63,003 57,567 43,506 Newline Liability lines 254,318 264,137 163,662 All other 10,881 19,314 34,119 Subtotal London Market 447,681 437,902 315,257 Healthcare 137,704 110,615 — Property 31,995 37,878 27,608 Casualty 134,162 97,165 73,696 Auto 108,208 88,163 67,263 Subtotal U.S. Insurance 412,069 333,821 168,567 Total gross premiums written (1) $2,676,631 $2,601,181 $1,931,473