Bermudan reinsurer in confident mood after escaping soft market conditions.
Bermuda-based reinsurer Omega says trading in 2008 is strong and in line with its board's expectations.
In a statement issued to the London Stock Exchange, the company said although competition is leading to rates softening in some areas, market conditions in Omega’s core areas, small to medium-sized reinsurance and specialty insurance risks, continue to offer attractive margins.
Speaking ahead of its AGM today, Walter Fiederowicz, chairman of Omega, said: "As we have done historically during our 29 years of unbroken underwriting profits, when we are offered business that is not adequately priced for the coverage provided, we decline to participate.
"Underwriting discipline is the foundation of Omega's success but, overall, softening in rates and conditions in 2008 has not been as material as we might have anticipated in Omega's classes of business. This makes us confident of achieving our plans for 2008."
He added: "The last six months has produced a frequency of significant losses from large commercial property risks, a class of business in which we rarely participate. As a result, Omega has had no material exposure to these losses and has a low level of incurred claims for the year to date."
