Omega to benefit from low Bermuda tax
Omega, the Lloyd’s underwriter, should benefit from the Bermuda tax regime to an even greater degree next year, chief executive Richard Tolliday said this week.
Unveiling a 160% increase in 2007 pre-tax profits, Tolliday said Omega paid an effective 15% tax rate for 2007. Omega set up on the island at the end of 2006, but did not fully benefit from the 0% rate, he added.
The company reported profits of $59.5m (£29.6m) compared to $22.6m in 2006, while gross written premiums for the year increased 110% to $242.9m and the combined ratio was half a point higher at 79.3%.
Tolliday said: “For 2008, we need to reach further and deeper into markets that have provided the smaller ticket business, which is our core.”
Novae profits soar 31% to £41m
Novae this week reported record pre-tax profits of £41m for the 2007 year – up 31% from 2006. But gross written premiums (GWP) were down slightly by £1.3m to £302.6m and the combined ratio rose to 90.4% from 81.4%.
Chief executive Matthew Fosh said: “We have a diversified business with sufficient committed capital to write at least £650m GWP in a hard market, double the level of income we wrote in 2007.”
CBG profits rocket 60%
CBG Group, the Manchester based insurance broker and financial services specialist, saw profit soar in 2007. Adjusted pre-tax profit rose nearly 60% to £1.9m. Group revenues increased over 40% to £7.4m.
DAS parent reports £10m profit
DAS UK Holdings, the holding company for DAS Legal Expenses Insurance Company, reported headline profit of £10.3m, an increase of 82% on 2006. Gross income grew more than 8% to £109m.