Omega Insurance Holdings Omega Insurance Holdings  
 
   
     

Overview


Corporate Overview
Omega Underwriting Agents & Syndicate 958
Omega Specialty Insurance Company
Omega US Insurance
Omega Europe

Omega Insurance Holdings

Omega Speciality Insurance Company

Omega 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 capitalised at $172 million and is rated A- (Excellent) by A.M. Best.

During 2007 Omega Specialty wrote gross premiums of UK$233.4 million (2006: US$104.9 million). This was comprised predominantly of:

  • a reinsurance of Omega Dedicated through which Omega Specialty assumed the risk of the majority of the share of Syndicate 958’s capacity owned by the Group;
  • 17.5% quota share reinsurances of Syndicate 958’s gross whole account;
  • a further 10% ‘qualifying’ quote share of Syndicate 958’s gross whole account, effectively increasing the capacity of the Syndicate sufficiently to support the new energy insurance book;
  • a book of third party reinsurances.

Looking to 2008, Omega Specialty has renewed the contract with Omega Dedicated and has a whole account quota share of Syndicate 958 at a level of 20% and a 50% quota share of the Omega US book. It is seeking to increase materially its other inwards reinsurance business. For 2008 Syndicate 958’s energy account has been subsumed into the Syndicate’s principal capacity and accordingly no qualifying quota share is required.