Omega’s profits dip

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.”