Firm claims to be “well-placed” for market opportunities
Omega Insurance has announced a small fall in half-year profits.
Financial Highlights (2008 in brackets)
- Gross premiums written $187,5m ($185,9m)
- Net earned premium $90m ($101m)
- Investment return $11m ($6.6m)
- Profit before tax $22.9m ($24.5m)
- Profit after tax $20.6m ($21.8m)
- Combined ratio 82.5% (83.7%)
By business
- Non marine property insurance $25.7m $34.3m)
- Property catastrophe reinsurance $87.8m ($70.9m)
- Property per risk treaty reinsurance $13.6m ($10.1m)
- Professional indemnity insurance $5.9m ($6.9m)
- Motor insurance and reinsurance $9.5m ($10.3m)
- Marine insurance and reinsurance $17.7m ($31.9m)
- Liability insurance and reinsurance $18.1m ($12.7m)
Richard Tolliday, chief executive said: “We are pleased that our first-half results demonstrate our ability to deliver attractive returns whilst growing our newer platforms. We close the first half with strong results, continued growth, a successful capacity offer and our move up to the Main List.
“Omega is well positioned to take advantage of the opportunities the current market place offers.”
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