AM Best rates Omega’s Bermuda and Lloyd’s operations
AM Best has reaffirmed the financial strength rating of Omega Specialty Insurance Company, Omega's Bermudian subsidiary, at ‘A-’ (Excellent) and Issuer Credit Rating (“ICR”) at ‘a-’ (Excellent).
It said the firm’s risk adjusted capitalisation is likely to remain excellent in 2009 and 2010, following Omega’s successful capital raising exercise at the end of 2008, and its underwriting performance is likely to be supported by the underwriting discipline and solid risk control infrastructure in place throughout the Omega group.
Lloyd’s syndicate confirmed too
The rating agency also reaffirmed the financial strength rating of Lloyd’s Syndicate 958, which is managed by Omega Underwriting Agents, at ‘A’ (Excellent) and ICR at ‘a+’ (Excellent).
The outlook for all reaffirmed ratings remains stable.
Richard Tolliday, Chief Executive Officer of Omega, said: “We are pleased that the AM Best ratings relating to both Omega Specialty and Syndicate 958 have been reaffirmed. This news comes at a pivotal time for the Company following our recent acquisition of additional capacity on Syndicate 958 and our move to the Official List. The ratings provide confidence to our clients and investors as we continue to develop and grow the business.”
