Orascom Inv Regulatory News (OIH)

16 Apr 2007 07:01

Omega Insurance Holdings Limited16 April 2007 OMEGA INSURANCE HOLDINGS LIMITED AGM Record Date Omega Insurance Holdings Limited ("Omega") will hold its first Annual GeneralMeeting ("AGM") on 1 June 2007. Shareholders entered on the register of membersat 5:00pm Bermuda time on 20 April 2007 will be entitled to attend and vote atthe meeting (either in person or by proxy). Notice of the AGM will be sent toshareholders entered on the register of members at that time and on that date. Enquiries: Omega Insurance Holdings Limited +1 441 294 6610Richard Tolliday, CEO Threadneedle Communications +44 (0)20 7936 9604John Coles Threadneedle Communications 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. x 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 £274 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