The market can expect incremental rate rises across most classes for the remainder of 2011, according to Omega Insurance.

In the insurer's interim results statement, chief executive Richard Pexton said rises should be expected across property, professional indemnity, motor, marine and liability, in both insurance and reinsurance.

While Omega said it expects full year profits to be impacted by first quarter catastrophes, Pexton added: “Clearly any further catastrophic events would have an effect on the company's profitability.”

Omega’s first quarter results showed a slight increase in group gross written premiums, up 4% to $129.5m (2010: $124.5m).

Despite strong group performance, Bermuda-based Omega Specialty GWP was down 26.4% to $19.5m, compared with $26.5m for the same period last year.

Omega defended the dip as “continued de-risking of the business,” adding it plans to continue reducing its catastrophe exposure ahead of Atlantic hurricane season, which begins 1 June.