ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued Gross Premiums Written by Major Unit/Division 87 Years Ended December 31, 2004 2003 2002 United States $1,044,382 $1,188,030 $1,024,126 Latin America 171,328 149,722 116,834 Canada 46,028 79,512 40,770 London Branch 1,472 4,117 7,273 Subtotal Americas 1,263,210 1,421,381 1,189,003 EuroAsia 553,671 408,077 258,646 London Market 447,681 437,902 315,257 U.S. Insurance 412,069 333,821 168,567 Total gross premiums written (1) $ 2,676,631 $2,601,181 $ 1,931,473 Year Ended December 31, 2002 Americas Eur oAsia London Market U.S. Insurance Total Gross premiums written (1) $1,189,003 $258,646 $315,257 $168,567 $1,931,473 Net premiums written $1,102,837 $249,650 $243,460 $ 35,298 $1,631,245 Net premiums earned $1,001,302 $221,531 $187,811 $ 21,998 $1,432,642 Losses and loss adjustment  expenses 678,956 161,929 127,265 19,045 987,195 Acquisition costs and other  underwriting expenses 313,861 59,180 55,736 3,754 432,531 Total underwriting deductions 992,817 221,109 183,001 22,799 1,419,726 Underwriting income (loss) $ 8,485 $ 422 $ 4,810 $ (801) 12,916 Net investment income 123,028 Net realized investment gains 135,796 Other income, net (4,985) Interest expense (8,689) Income before income taxes $ 258,066 Underwriting ratios: Losses and loss adjustment  expenses 67.8% 73.1% 67.8% 86.6% 68.9% Acquisition costs and other  underwriting expenses 31.3 26.7 29.7 17.1 30.2 Combined ratio 99.1% 99.8% 97.5% 103.7% 99.1%