Orascom Inv Regulatory News (OIH)

19 Mar 2007 07:01

Omega Insurance Holdings Limited19 March 2007 OMEGA INSURANCE HOLDINGS LIMITED Completion of Group Restructuring The Board of Directors of Omega Insurance Holdings Limited ("Omega") is pleasedto announce that on 16 March 2007 Omega Specialty Insurance Company Limited ("OSIL") was transferred to and became a direct subsidiary of Omega, thussuccessfully completing the restructuring of the Omega group referred to in theAdmission Document of Omega dated 25 September 2006. The transfer was implemented by way of a dividend in specie of OSIL to Omega byOmega's wholly owned subsidiary, Omega Underwriting Holdings Limited. Enquiries: Omega Insurance Holdings Limited +1 441 294 6610Richard Tolliday, CEO Threadneedle Communications John Coles +44 (0)20 7936 9604 Notes to Editors Omega became the new holding company of the Omega group on 9 November 2006 whenthe scheme of arrangement of Omega Underwriting Holdings PLC (the Omega group'sprevious 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. The Omega group, through its wholly owned subsidiary, Omega Underwriting AgentsLimited, acts as a Lloyd's managing agent for Syndicate 958 and in February 2006established a new insurance and reinsurance business, Omega Specialty InsuranceCompany Limited ("Omega Specialty"), based in Bermuda. • Syndicate 958 Syndicate 958 had a capacity for the 2006 year of account of £249 million andcapacity for the 2007 year of account has been increased to £275 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 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 strength rating byA.M. Best of "A-" (Excellent). This information is provided by RNS The company news service from the London Stock Exchange