Capacity falls by £25m to £249m
Omega Underwriting has announced that Syndicate 958 will hit the upper end of forecasts for 2005 profits.
This is despite the impact of Hurricanes Katrina, Rita and Wilma that year. The Lloyd’s managing agent has produced a profit every year since it was set up in 1980.
Its forecast for 2006 ranged from 14% to 19%, while the early forecast for 2007 ranged from 7.5% to 17.5%.
Parent company Omega Insurance Holdings recently revealed that it had received approached from parties interested in taking over the business, although no bids have yet been confirmed.
Richard Tolliday, Chief Executive of Omega, said: “Once again Syndicate 958 has delivered an excellent set of results. We are particularly pleased with the closing result for 2005 when the insurance market suffered large losses due to Hurricanes Katrina, Rita and Wilma.
“We are delighted that Syndicate 958 has continued its unbroken record of underwriting profitability for a 26th consecutive year. As always, our focus remains on writing short tail property insurance and reinsurance for small to medium sized insureds and reinsureds which allows us to produce relative consistency and low volatility of results and to generate market out-performance over the cycle.”
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.
