Syndicate 958 Forecast Result

27 Nov 2006 07:01

Omega Insurance Holdings Limited27 November 2006 27 November 2006 OMEGA INSURANCE HOLDINGS LIMITED OMEGA'S SYNDICATE 958 FORECAST RESULTS Omega Insurance Holdings Limited ("Omega") today announces unchanged forecastsfor Syndicate 958 for the 2004 and 2005 years of account. The forecasts are after standard personal expenses and are expressed as apercentage of capacity. Year of account Capacity £m Current forecast Previous forecast 2004 224 5% to 10% 5% to 10%2005 224 4% to 11% 4% to 11% The 2006 year of account, whilst at a very early stage, is benefiting fromrobust underwriting conditions and an encouragingly low level of incurredlosses. Richard Tolliday, Chief Executive of Omega, commented: "It is pleasing to beforecasting robust profits for Syndicate 958's 2004 and 2005 account results,despite the hurricanes in those years, and therefore continuing the Syndicate'sunbroken track record of underwriting profits since its establishment in 1980.The strong trading conditions and low level of loss activity to date provide avery promising start to the 2006 year of account. We believe the Group is wellpositioned to take advantage of the opportunities available and continue to beoptimistic for 2007 and beyond." Enquiries: Omega Insurance Holdings Limited +1 441 294 6610Richard Tolliday, CEOJohn Coles, Threadneedle Communications +44 (0)20 7936 9604Louise Robson, Weber Shandwick +44 (0)20 7067 0700 Notes to Editors • Omega became the new holding company of the Omega group on 9 November 2006when the scheme of arrangement of Omega Underwriting Holdings PLC (the Omegagroup's previous 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. Omega, through its wholly owned subsidiary, Omega Underwriting Agents Limitedacts as a Lloyd's managing agent for Syndicate 958 and in February 2006established a new insurance and reinsurance business, Omega Specialty InsuranceCompany Limited, based in Bermuda. • Syndicate 958 Syndicate 958 has a capacity for the 2006 year of account of £249 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 Insurance 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 strengthrating by A.M. Best of "A-" (Excellent). This information is provided by RNS The company news service from the London Stock Exchange