Omega has posted an after-tax profit of £6.8m for 2005. This compares with £2.5m for the previous year.
The Lloyd's and Bermuda insurer's earnings per share increased by 5p to 17.2p and its net tangible assets were £113.5m, or 95.1p per share.
The unprecedented hurricane activity had a negligible effect on Omega's results. The company predicts that its Managed Syndicate 958 will continue its record of unbroken underwriting profits.
Richard Tolliday, Omega's chief executive, said: “These are excellent results for 2005 and reflect the quality of Omega's underwriting, producing a continuation of its uninterrupted profit record in a year of exceptional insured catastrophes.
"We anticipate that trading conditions in Omega's key lines of business will continue to strengthen during 2006. The establishment of Omega Specialty in Bermuda, combined with our existing operations in London and Cologne, puts the Group in an excellent position to build upon its success to date.”
