Orascom Inv Regulatory News (OIH)

29 Feb 2008 07:01

Omega Insurance Holdings Limited29 February 2008 OMEGA INSURANCE HOLDINGS LIMITED Syndicate 958 Results and Forecasts 26th Consecutive Year of Underwriting Profitability Omega Insurance Holdings Limited ("Omega") today announces Syndicate 958'sprofit for the 2005 year of account, together with the profit forecast for the2006 year of account and an initial forecast for the 2007 year of account. The result and forecasts in the table below are after standard personal expensesand are expressed as a percentage of capacity. Year of Account Capacity £m Profit/forecasts Previous forecasts 2005 224 8.75% 5% to 10% 2006 249 14% to 19% 12.5% to 20% 2007 274 7.5% to 17.5% N/A The 2005 year of account sustained the impact of Hurricane Katrina, the world'slargest ever insured, natural perils loss, and Hurricanes Rita and Wilma. Theresult is at the top end of the previously forecast range. The range of forecast profit for the 2006 year of account has been narrowed andthe midpoint raised. The 2007 year of account is still at an early stage ofdevelopment. The forecast range assumes a normal claims development and reflectsthe strong trading conditions and benign loss experience. Richard Tolliday, Chief Executive of Omega, commented: "Once again Syndicate 958has delivered an excellent set of results. We are particularly pleased with theclosing result for 2005 when the insurance market suffered large losses due toHurricanes Katrina, Rita and Wilma. We are delighted that Syndicate 958 hascontinued its unbroken record of underwriting profitability for a 26thconsecutive year. As always, our focus remains on writing short tail propertyinsurance and reinsurance for small to medium sized insureds and reinsuredswhich allows us to produce relative consistency and low volatility of resultsand to generate market out-performance over the cycle." Enquiries: Omega Insurance Holdings Limited +1 441 294 6610Richard Tolliday, CEO John Coles, Threadneedle Communications + 44 (0)20 7936 9604 Notes to Editors Omega became the new holding company of 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 day 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 liability company. 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 2006established a new insurance and reinsurance business, Omega Specialty Insurance Company Limited ("Omega Specialty"), based in Bermuda. In September 2006 Omega incorporated a new subsidiary, 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 had a capacity for the 2006 year of account of £249 million and capacity for the 2007 year of account of £274 million. Capacity for the 2008 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 property insurance and reinsurance, insuring small to 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 21 May 2007. • Omega Specialty Omega Specialty is authorised by the Bermuda Monetary Authority as a Class 3 insurer, underwriting its targeted classes of insurance and reinsurance, key in which are non-marine property insurance, professional indemnity insurance, property catastrophe treaty reinsurance and property per risk treaty reinsurance. Omega Specialty's financial strength rating from A.M. Best Company, Inc. of "A-" (Excellent) was reaffirmed on 21 May 2007. • Omega US Insurance Omega US Insurance is authorised as an admitted insurer in Delaware and underwrites on a surplus lines basis in other US States. Omega US Insurance is currently eligible to write surplus lines business in 20 US states and will underwrite in all other states once it has been granted the requisite eligibility in each US State. It is capitalised at US$50 million from the net proceeds of a share placing by OUH in October 2006. Omega US received a financial strength rating from A.M. Best Company, Inc. of "A-" (Excellent) on 3 December 2007. This information is provided by RNS The company news service from the London Stock Exchange