Orascom Inv Regulatory News (OIH)

29 Oct 2009 07:00



29 October 2009 

OMEGA Insurance Holdings Limited

Directorate Change

Omega Insurance Holdings Limited ("Omega") announced on 4 September 2009 that Daria Vanous was assuming the role of Active Underwriter of Syndicate 958 with immediate effect. Omega today announces that Ms Vanous has also been appointed to the role of Chief Underwriting Officer of Omega with effect from 29 October 2009.

John Robinson has ceased to be a Director and Chief Underwriting Officer with effect from 29 October 2009.

The Board would like to thank Mr. Robinson for his outstanding contribution to the Group over many years.

Business performance in the year to date continues to be strong and in line with expectations. Omega's core lines continue, as anticipated, to offer attractive margins and loss ratios reflecting the absence of any major claims experience so far in 2009 and premium volumes are in line with estimated levels. The Company will release its interim management statement on 19th November 2009.

Media Enquiries:

Byron Ousey/Michael Turner, Kreab Gavin Anderson +44 (0)20 7074 1800

Notes to Editors

Daria Vanous joined the Omega group in 2003 as a property reinsurance underwriter, prior to which she was chief executive of Europa Re in Cologne. She joined Europa Re in 1999, having begun her career in reinsurance in Oslo working first with Storebrand and then Uni-Polaris and has in total more than 24 years' experience as an underwriter.

Omega became the holding company of the Omega group of companies (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 date 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 company.

On 7 July 2009, the common shares of Omega were admitted to the Official List of the London Stock Exchange and to trading on its main market for listed securities. On the same date, the admission of Omega's common shares to trading on AIM was cancelled.

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 surplus lines insurer, 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's capacity for the 2009 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, diversified property orientated insurance and reinsurance with a focus on small to medium sized insureds, with whom the Omega Group has built long-standing track records.

On 13 July 2009, the A.M. Best Company, Inc. reaffirmed the Syndicate's Financial Strength Rating of 'A' (Excellent) and an Issuer Credit Rating of 'a+' (Excellent). 

Omega Specialty

Omega Specialty received its license from the Bermuda Monetary Authority in February 2006 as a Class 3 insurer and has been reclassified as a Class 3B insurer. It was capitalised at US$172 million. Since then, Omega Specialty's premium income has been predominantly derived from its reinsurances of Syndicate 958 and the Omega Group's Lloyd's corporate member, Omega Dedicated, together with its increasing book of third party reinsurances where it seeks to underwrite business of a similar type and composition to be complementary to that underwritten by Syndicate 958.

On 13 July 2009, the A.M. Best Company, Inc. reaffirmed Omega Specialty's Financial Strength Rating of 'A-' (Excellent).

Omega US Insurance

Omega US Insurance is an insurance company licensed in the state of Delaware and underwrites on a surplus lines basis in other US States. Omega US Insurance is currently eligible to write business in 42 US jurisdictions (including on an admitted basis in Delaware) and applications are pending in further states. It was capitalised at US$50 million from the net proceeds of a share placing by OUH in October 2006.

On 3 December 2007, Omega US Insurance received a Financial Strength Rating from A.M. Best Company, Inc. of 'A-' (Excellent). The rating was reaffirmed on 3 February 2009.