Lloyd’s syndicate expansion will lead to profit for full year

Omega says it expects its H1 results on 31 August 2010 to report a pre-tax loss of $35m but said it would make an underwriting profit for the full year.

Omega says it has cut market share in lines where premiums are falling. It has increased its share of Syndicate 958 capacity but says although the gross written premium at $244m is up 30%, only 19% of the premium has been earned by 30 June. Omega expects this to be 65% by year end.

It said catastrophe loss estimates for the Chile earthquake, and the losses of the Aban Pearl submersible and Deepwater Horizon rig, remain unaltered at $29m as announced in May.