Omega Underwriting benefits from strong performance
Moody's has upgraded the B Average performance rating of Lloyd's syndicate 958 (Omega Underwriting Agents) to B+ Above Average.
The rating agency said that the upgrade, which followed the completion of a review of the syndicate's rating, reflected the syndicate's continuing above average performance and followed the recent confirmation of the 2005 and 2006 account open year forecasts for the syndicate by the agency. The outlook for the rating is stable.
The syndicate recorded a profit for the 2004 account of 7.6% of capacity, following profits of 10.7% and 14.7% for the 2002 and 2003 accounts respectively and profits for the years 1998 to 2001. For 2006 the syndicate reported an annually accounted profit of 20% of Net Premium Earned (2005 7%), and a combined ratio of 85%.
The syndicate has materially outperformed its B Average Peer Group with its cross-cycle, 9 year average return to 2006, including mid-point agency forecasts for 2005 and 2006 of profits of 7.5% and 16%, being an average profit of c.7% of capacity under three-year accounting.
