AM Best has reaffirmed the ratings of Syndicate 958 as A (excellent), revealed the syndicate's managing agent Omega Underwriting Holdings.
AM Best said the rating reflected Syndicate 985's excellent underwriting profitability and business profile. The syndicate's capacity for 2004 is £225m.
Omega Underwriting said Syndicate 958 had forecast midpoints for return on capacity for the 2001 and 2002 years of account of 2.5% and 15% respectively in the third quarter. This follows a return on capacity of 2.88% for the 2000 closed year of account.
According to Omega Underwriting, AM Best said the syndicate's risk profile stood to benefit from increased diversity following the acquisition of a book of European short-tail property business to be written during 2004.
Omega Underwriting has recruited a specialist team from Europa Re, headed by Daria Vanous, to write the book.
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