Profit shows only slight drop compared with last year
Omega Insurance Holdings chief executive Richard Tolliday said strong growth in its US and Bermudian reinsurance business had helped keep profits stable.
Pre-tax profit was $22.9m (£14m) for the first six months of 2009, compared with $24.5m for the same period last year.
Tolliday was pleased with Omega US, set up at the start of 2008, which wrote $17.1m in 2009, up from $2.6m for the first half of 2008. In Bermuda, Omega Speciality’s underwriting grew from $33.6m to $52.1m.
He said the performance was “disguised” by the fact the amount underwritten in Lloyd’s Syndicate 958 had shrunk from its 2007 peak, so other parts of the business had had to work hard to make up for lost ground.