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OverviewCorporate OverviewOmega Underwriting Agents & Syndicate 958Omega Specialty Insurance CompanyOmega US InsuranceOmega Europe |
Omega Speciality Insurance CompanyOmega Specialty is a directly held and wholly owned subsidiary of Omega Insurance Holdings Limited and received its licence from the Bermuda Monetary Authority in February 2006 as a Class 3 insurer. It was re-classified as a Class 3B insurer effective 1 January 2009. Omega Specialty was capitalised at $172 million and is rated A- (Excellent) by A.M. Best. During 2008, Omega Specialty wrote gross premiums of US$252.4 million (2007: US$233.4 million). This was comprised predominantly of:
Looking ahead to 2009, the reinsurance of the Syndicate and Group subsidiaries have been renewed. In 2008, 80% of Omega Specialty’s premium income of US$252.4 million was sourced from Syndicate 958. This means that Omega Specialty has a portfolio with a broader diversity and greater inherent balance and consistency of profitability than would be normal in the Bermudian reinsurance market that is still dominated by companies with a property catastrophe focus. As Omega Specialty’s third party catastrophe book grows, we have sought to maintain a balance in the business mix, by the reinsurance of part of the growing Omega US book, with its mix of property and liability and wide geographic footprint. By maintaining this balance Omega Specialty expects to continue Syndicate 958’s historic low result volatility compared to its peer group. This in itself enables Omega Specialty to write a greater premium to capital ratio than its less diversified peers.
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