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14 Jan 2009 07:00
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14Β January 2009
Omega Insurance Holdings Limited ("Omega" or the "Company")
Special Interim Dividend
OnΒ 8 December 2008 OmegaΒ Insurance Holdings Limited ('Omega') (AIM: OIH)Β announced aΒ Β£130mΒ placing of newΒ commonΒ sharesΒ ('Placing Shares'). The Company's market capitalisationΒ at that date wasΒ approximately Β£218m. As this fund raising was taking place towards the end of the Company'sΒ 2008Β financial year and theΒ proposed date for admission of the Placing Shares to AIMΒ was set atΒ 30 January 2009,Β the directorsΒ were of the opinionΒ thatΒ aΒ dividend, if any,Β to be paid to shareholders in relation to financial performance of Omega during the second half of the financial year, should be paid to shareholders on the register priorΒ to 30 January 2009,Β and this was set out in the circular to shareholders dated 9 December 2008.
AfterΒ the Company'sΒ announcementΒ onΒ 20Β October 2008Β providing information onΒ Hurricanes Ike and Gustav and our investment performance,Β market consensus was that Omega would break evenΒ in the second half of the 2008 financial year. The Company'sΒ estimatedΒ financial performance for the second half of the 2008 financial yearΒ remainsΒ in line withΒ those market expectations.
The Board is pleased to be able to declareΒ a special interim dividend, in lieu of a final dividend for the 2008 financial year,Β ofΒ US$0.01 perΒ commonΒ share payable onΒ 17 February 2009Β to shareholders on the register at 6.00pm onΒ 23 January 2009. The dividend is payable in US dollars but those shareholders wishing to receive it in pounds sterling may elect to do soΒ by no later than 6.00pm on 23 January 2009. DetailsΒ will shortly beΒ available on the Company's website www.omegauw.com. Dividends paid in pounds sterling will be converted at theΒ closing exchangeΒ rate prevailing onΒ 23 January 2009.
Omega announced on 8 JanuaryΒ 2009Β that theΒ resolutionsΒ set out in its Notice of Special General Meeting dated 9 December 2008Β relating to the placing ofΒ 92,857,142Β newΒ commonΒ sharesΒ were duly passed by shareholders.
ApplicationΒ will beΒ made for the admission of theΒ PlacingΒ Shares to trading onΒ AIM. It is expected thatΒ admission of the Placing Shares will become effective and thatΒ dealings in theseΒ will commence at 8.00 a.m.Β onΒ FridayΒ 30Β January 2009.Β
Contacts:Β
Richard Tolliday, Chief ExecutiveΒ Officer, Omega +1 441 294 6610
John Coles, Threadneedle Communications +44Β 20Β 7653 9848
Notes to Editors
Omega became the holding company of the Omega groupΒ of companies (the 'Omega Group')Β on 9 November 2006 when the scheme of arrangement of Omega Underwriting Holdings PLC (the OmegaΒ Group'sΒ previous holding company and now wholly-owned by Omega)Β ('OUH')Β became effective. On the sameΒ dateΒ 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.
The OmegaΒ Group, through its wholly owned subsidiary, Omega Underwriting Agents Limited, acts as a Lloyd's managing agent for Syndicate 958 and in February 2006Β established a new insurance and reinsurance business, Omega Specialty Insurance Company LimitedΒ ('Omega Specialty'),Β based inΒ Bermuda. In September 2006 Omega incorporated a newΒ surplus lines insurer, Omega US Insurance, Inc.Β ('OmegaΒ USΒ Insurance'),Β inΒ DelawareΒ which is held under aΒ DelawareΒ incorporated intermediate holding company Omega US Holdings, Inc.
β’ Syndicate 958
Syndicate 958'sΒ capacity forΒ theΒ 2009Β year of accountΒ isΒ Β£249 million.Β 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 smaller insurance companies.
OnΒ 27 May 2008,Β theΒ A.M. Best Company, Inc.Β Β reaffirmedΒ theΒ Syndicate'sΒ FinancialΒ StrengthΒ RatingΒ
of 'A' (Excellent) and an Issuer Credit Rating of 'a+' (Excellent).Β
β’ Omega Specialty
Omega SpecialtyΒ received its license fromΒ the Bermuda Monetary AuthorityΒ in February 2006Β as a Class 3 insurerΒ and was capitalised at US$172 million. Since then,Β Omega Specialty's premium income hasΒ beenΒ predominantly derived from its reinsurances of Syndicate 958Β andΒ the Omega Group's Lloyd's corporate member, Omega Dedicated, together with itsΒ increasingΒ book of third party reinsurancesΒ where it seeksΒ to underwrite business of a similar type and composition to be complementary to that underwritten by Syndicate 958.
On 27 May 2008,Β theΒ A.M. Best Company, Inc.Β reaffirmedΒ Omega Specialty'sΒ FinancialΒ StrengthΒ
Rating of 'A-' (Excellent).
β’ OmegaΒ USΒ Insurance
Omega US Insurance isΒ an insurance company licensed in the state ofΒ DelawareΒ and underwrites on a surplus lines basis in other US States. Omega US Insurance is currently eligible to write surplus lines business inΒ 41Β USΒ jurisdictionsΒ and will underwrite in all otherΒ states once it has been granted the requisite eligibility in each US State. ItΒ wasΒ capitalised at US$50 million from the net proceeds of a share placing by OUH in October 2006.
On 3 December 2007,Β Omega USΒ InsuranceΒ received aΒ FinancialΒ StrengthΒ RatingΒ from A.M. Best Company, Inc. of 'A-' (Excellent).
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