ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued Year Ended December 31, 2003 Americas Eur oAsia London Market U.S. Insurance Total Gross premiums written (1) $1,421,381 $408,077 $437,902 $333,821 $2,601,181 Net premiums written $1,248,938 $388,705 $374,568 $141,369 $2,153,580 Net premiums earned $1,170,696 $364,542 $334,228 $ 95,627 $1,965,093 Losses and loss adjustment  expenses 801,295 248,652 205,458 70,360 1,325,765 Acquisition costs and other  underwriting expenses 380,737 90,658 89,366 16,562 577,323 Total underwriting deductions 1,182,032 339,310 294,824 86,922 1,903,088 Underwriting (loss) income $ (11,336) $  25,232 $ 39,404 $ 8,705 62,005 Net investment income 134,115 Net realized investment gains 202,742 Other expense, net (7,912) Interest expense (12,656) Income before income taxes $ 378,294 Underwriting ratios: Losses and loss adjustment  expenses 68.5% 68.2% 61.5% 73.6% 67.5% Acquisition costs and other  underwriting expenses 32.5 24.9 26.7 17.3 29.3 Combined ratio 101.0% 93.1% 88.2% 90.9% 96.8% 86