Omega Underwriting has announced that its newly formed subsidiary in Bermuda, Omega Specialty Insurance has now started to trade.
Omega Specialty is capitalised at approximately $170m and is in the process of obtaining a rating from AM Best.
Stephen Edwards has been appointed chief underwriting officer of Omega Specialty.
Richard Tolliday, chief executive of Omega, said: "Omega Specialty opening for business is an important step in Omega's development. Over the past two months we have seen further evidence to support our expectation of continued strengthening of the market throughout 2006 and into 2007. The scarcity and cost of retrocessional capacity will contribute to this. It is therefore pleasing that Omega is now so well positioned to respond to these opportunities."
Omega will be announcing its preliminary results for the year ended 31 December 2005 on Monday 27 March 2006.
