Orascom Inv Regulatory News (OIH)

12 Dec 2006 07:02

Omega Insurance Holdings Limited12 December 2006 For immediate release 12 December 2006 OMEGA INSURANCE HOLDINGS LIMITED APPOINTMENT OF GROUP FINANCE DIRECTOR Omega Insurance Holdings Limited ("Omega") is pleased to announce the appointmentof Penelope James as Group Finance Director. Mrs James will take up her new rolein May 2007 and will be appointed to the Board of Omega at that time. Mrs James qualified as a Chartered Accountant with Coopers and Lybrand where shehad a number of financial services clients. In 1995 Mrs James joined ZurichFinancial Services where she has held several senior positions. Most latterlyher position has been that of Chief Financial Officer of the UK GeneralInsurance Division, with responsibility for the financial management of Zurich'scommercial and personal lines businesses in the UK. Richard Tolliday, Chief Executive of Omega, said: "Omega is now an internationalgroup and Penny's considerable knowledge and experience of the industry, gainedfrom a number of senior management roles at Zurich Financial Services, will be avaluable contribution to our business. I am delighted that she has agreed tojoin us and look forward to working with her". Enquiries: Omega Insurance Holdings Limited +1 441 294 6610Richard Tolliday, CEOJohn Coles, Threadneedle Communications +44 (0)20 7936 9604Louise Robson/John Moriarty, Weber Shandwick +44 (0)20 7067 0700 Additional Information on Penelope Jane James (nee Coburn) aged 37: In the previous 5 years Mrs James has been appointed a director of the followingcompanies, in relation to all of which she is still currently a director: ArleCentre Limited, Carlton Gate Limited, Eagle Star Direct (Camberley) Limited,Eagle Star Insurance Company Limited, Eagle Star Securities Limited, GrovewoodProperty Holdings Limited, JAS. W. King & Co. Limited, Midland AssuranceLimited, Navigators and General Insurance Company Limited, Preferred AssuranceCompany Limited, Sceptre Trust Limited, Whiteley Partnership Insurance CompanyLimited, Wren Investments Limited, Wren Trust Limited, ZPC (Construction)Company Limited, Zurich & Eagle Star Accident Repair Centres Limited, ZurichEmployment Services Limited(1), Zurich GSH Limited, Zurich Holdings (UK)Limited, Zurich IFA Limited, Zurich Insurance Company (U.K.) Limited, ZurichLife International Services Limited, Zurich Whiteley Investment Trust Limited,Zurich Whiteley Limited and Zurich Whiteley Trust Limited. In the previous 5 years Mrs James has also been a director of the followingcompanies, in relation to all of which she is no longer a director: City ofLondon Insurance Company Limited, Home and Overseas Insurance Company Limited,The Liverpool Reversionary Company Limited and Trent Insurance Company Limited. Save for the information disclosed above, there is no other information inrelation to Mrs James required to be disclosed pursuant to AIM Rule 17. Notes to Editors: • Omega became the new holding company of the Omega group on 9 November 2006when the scheme of arrangement of Omega Underwriting Holdings PLC (the Omegagroup's previous holding company and now wholly owned by Omega) ("OUH") becameeffective. On the same day the common shares of Omega were admitted to tradingon AIM, the admission of OUH's shares to trading on AIM was cancelled and OUHwas re-registered as a private limited liability company. Omega, through its wholly owned subsidiary, Omega Underwriting Agents Limitedacts as a Lloyd's managing agent for Syndicate 958 and in February 2006established a new insurance and reinsurance business, Omega Specialty InsuranceCompany Limited, based in Bermuda. • Syndicate 958 Syndicate 958 has a capacity for the 2006 year of account of £249 million. TheSyndicate has made an underwriting profit in every closed year of account sinceits inception in the 1980 year of account. The Syndicate has focusedpredominantly on short-tail property insurance and reinsurance, insuring smallto 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 7February 2006. • Omega Specialty Insurance Omega Specialty is authorised by the Bermuda Monetary Authority as a Class 3insurer, underwriting its targeted classes of insurance and reinsurance, key inwhich are non-marine property insurance, professional indemnity insurance,property catastrophe treaty reinsurance and property per risk treatyreinsurance. Omega Specialty is capitalised at $172 million. On 4 April 2006, Omega Specialty was assigned a financial strengthrating by A.M. Best of "A-" (Excellent). --------------------------(1) Still to be registered with Companies House This information is provided by RNS The company news service from the London Stock Exchange