Lloyd's insurer Omega Underwriting Holdings has confirmed that its Bermuda-based subsidiary, Omega Specialty, has been given a high quality rating by A.M. Best.
The worldwide insurance-rating and information agency assigned the insurer a financial strength rating of A- (Excellent) with a stable outlook.
It referred to Omega Specialty's excellent risk-adjusted capitalisation, strong expected performance and strong business profile, the company said.
Richard Tolliday, Omega's Chief Executive, said: “Omega Specialty has already made a strong start to 2006 and the assignment of a high quality rating by A.M. Best marks a key step in its development.
“It is underwriting a balanced portfolio of business in those areas in which Omega has a proven track record of experience and expertise. With Omega Specialty in Bermuda and the existing operations in London and Cologne, we consider that Omega is strongly positioned for the opportunities that lie ahead.”
