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29 May 2008 07:00
OMEGA INSURANCE HOLDINGS LIMITED
A.M. Best Reaffirms Ratings of Omega Specialty and Syndicate 958
Omega Insurance Holdings Limited ("Omega"), the international insurance and reinsurance group based in Bermuda, announces that A.M. Best has reaffirmed the financial strength ratings of Omega Specialty Insurance Company Limited, Omega's Bermudian subsidiary, and Syndicate 958, Omega's managed Lloyd's syndicate.
The rating of Omega Specialty is reaffirmed at "A -" (Excellent) and the rating of Syndicate 958 is reaffirmed at "A" (Excellent).
A.M. Best commented on the "Omega group's excellent consolidated risk-adjusted capitalisation in 2008" and stated their belief that "underwriting performance is likely to be supported by the underwriting discipline and solid risk control infrastructure in place throughout the Omega group".
Enquiries:
Omega Insurance Holdings Limited +1 441 294 6610
Richard Tolliday, CEO
Threadneedle Communications +44 (0)20 7936 9604
John Coles
Notes to Editors
Omega became the new holding company of the Omega group on 9 November 2006 when the scheme of arrangement of Omega Underwriting Holdings PLC (the Omega group's previous holding company and now wholly-owned by Omega) ("OUH") became effective. On the same day the common shares of Omega were admitted to trading on AIM, the admission of OUH's shares to trading on AIM was cancelled and OUH was re-registered as a private limited liability company.
The Omega group, through its wholly owned subsidiary, Omega Underwriting Agents Limited, acts as a Lloyd's managing agent for Syndicate 958 and in February 2006 established a new insurance and reinsurance business, Omega Specialty Insurance Company Limited ("Omega Specialty"), based in Bermuda. In September 2006 Omega incorporated a new subsidiary, Omega US Insurance, Inc. ("Omega US Insurance"), in Delaware which is held under a Delaware incorporated intermediate holding company Omega US Holdings, Inc..
• Syndicate 958
Syndicate 958 had a capacity for the 2006 year of account of £249 million and capacity for the 2007 year of account of £274 million. Capacity for the 2008 year of account is £249 million. The Syndicate has made an underwriting profit in every closed year of account since its inception in the 1980 year of account. The Syndicate has focused predominantly on short-tail property insurance and reinsurance, insuring small to medium sized insureds and reinsuring the smaller insurance companies.
The Syndicate's financial strength rating from A.M. Best Company, Inc. of "A" (Excellent) and an Issuer Credit Rating of "a+" (Excellent) were reaffirmed on 27 May 2008.
• Omega Specialty
Omega Specialty is authorised by the Bermuda Monetary Authority as a Class 3 insurer, underwriting its targeted classes of insurance and reinsurance, key in which are non-marine property insurance, professional indemnity insurance, property catastrophe treaty reinsurance and property per risk treaty reinsurance.
Omega Specialty's financial strength rating from A.M. Best Company, Inc. of "A-" (Excellent) was reaffirmed on 27 May 2008.
• Omega US Insurance
Omega US Insurance is authorised as an admitted insurer in Delaware and underwrites on a surplus lines basis in other US States. Omega US Insurance is currently eligible to write surplus lines business in 27 US states and will underwrite in all other states once it has been granted the requisite eligibility in each US State. It is capitalised at US$50 million from the net proceeds of a share placing by OUH in October 2006.
Omega US received a financial strength rating from A.M. Best Company, Inc. of "A-" (Excellent) on 3 December 2007.
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