pronounced. OdysseyRe’s adaptability and willingness to provide capacity at a time when others were withdrawing from the market have worked to our advantage. As a result, the Division’s market position has gained prominence as a leader, particularly in casualty, personal accident, property catastrophe and aerospace lines.  Newline Syndicate is a highly focused international casualty insurance underwriter. It operates through four business units – general liability, financial institutions, professional indemnity and directors & officers liability. As part of Lloyd’s, Newline underwrites business in numerous countries, with the bulk of its portfolio concentrated in the U.K., Continental Europe, Australia and South Africa. Newline’s core clientele are small- to medium-sized enterprise risks, although it has the capability and capacity to underwrite large commercial risks as well. Newline is the lead underwriter on the majority of its business, which is a mixture of primary and excess. Additionally, Newline’s service company in Bristol underwrites general liability and professional indemnity business in the U.K. provincial market. Newline’s premium volume during 2004 was relatively flat compared to 2003. The  London Branch underwrites through three treaty units: property, casualty, and marine and aerospace. Its underwriting portfolio is primarily excess of loss, and is well-balanced across all lines of business. OdysseyRe is a quoting market in London and leads a meaningful proportion of its business. The London Branch’s premium volume grew to $182.5 million in 2004 from $154.5 million in the prior year. Newline’s presence at Lloyd’s provides OdysseyRe with immediate access to casualty insurance business in the 180 countries where it is licensed. In 2004, our London Branch opened an underwriting box on the company gallery at Lloyd’s in order to provide us with a further point of access to global reinsurance business. OdysseyRe is well represented as both an insurer and a reinsurer at the heart of the London market. 2004 Gross Premiums Written by Type of Business Liability Lines 57%  Property Excess of Loss 15%  Marine & Aerospace 14%  Casualty Excess of Loss 5%  Casualty Proportional 5% Miscellaneous 2%  Property Proportional 2%  13