Omega has £23m Chile costs

Omega Insurance estimates it faces a combined net loss from the Chilean earthquake of approximately $23m, based on market loss estimates of between $5.5bn and $8.5bn.

Omega's exposure to Chile arises through its international reinsurance account.

It does not believe it has any material losses relating to European windstorm Xynthia, nor to any other major catastrophe events in the first quarter of 2010.

Omega said it believed the catastrophe losses from the Chilean earthquake, the resulting potential loss of profit commission to the Group and the costs associated with the Special General Meeting held on 12 March 2010 will have a material effect on the Group's full year result.