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Omega Underwriting Agents & Syndicate 958
Omega Specialty Insurance Company
Omega US Insurance
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Omega Insurance Holdings

Omega Underwriting Agents & Syndicate 958

Syndicate 958 was established in 1979 to commence underwriting for the 1980 year of account. It has closed every year of account since its formation at an underwriting profit, creating an exceptional record of outperformance of the insurance market. The Syndicate has a capacity of £249 million for 2008 and is rated A (Excellent) by AM Best. Some 83.6% of the capacity of Syndicate 958 is supported by third-party Names. Omega’s own capital supports 16.4% of Syndicate 958’s stamp.

Syndicate 958 – Capacity and profit forecasts

Year of account

2009

2008

2007

2006

Capacity

£249m

£249m

£249m

£249m

Effective Capacity including Qualifying quota share with Omega Specialty

-

-

£274m

-

Omega Dedicated share of capacity

16.4%

16.4%

16.4%

16.4%

Omega Group retained share of capacity

16.4%

16.4%

15.2%

15.2%

Omega Group retained share of effective capacity

n/a

 

22.9%

 

Profit after standard personal expenses - forecast

n/a

 

7.5%-17.5%

14.0%-19.0% 8.78%

Note: For the 2007 year only, the capacity of the Syndicate was effectively increased by £25 million as a result of including a qualifying quota share to Omega Specialty.

The table above shows that the Syndicate has closed the 2006 year of account with a return of 23.4%. The 2007 forecast profit range has been maintained despite the account being subject to claims of some US$10.2 million on Ike and Gustav. Both of these years of account have benefitted from investment performance and foreign exchange gains.

The Syndicate has consistently outperformed the Lloyd’s market with 27 consecutive closed years of underwriting profitability and low volatility.

Source: Lloyd’s and Syndicate 958 Annual Report & Accounts.
Basis: These figures are compiled on the basis of profit before Names’ personal expenses and members’ agents’ charges.

As indicated in the chart above, the Syndicate has made an underwriting profit in every closed year of account since its inception for the 1980 year of account.