Bermuda insurer raises optimism on 2008 performance
Omega Insurance, the Bermuda-based insurer and reinsurer, has reported a healthy growth in its 2007 results with full-year pre-tax profits rising 163%.
The company reported profits of $59.5m, up 163% on 2006 ($22.6m) and gross written premiums for the year increased 110% to $242.9m from $115.6m in 2006.
Group combined ratio was 79.3% on 2006 (78.8%) and a return on equity of 19% (2006: 7.9%).
Richard Tolliday, chief executive of Omega, said: "These are another excellent set of results. We have built an international insurance group with platforms in Bermuda, London, Cologne and the US and we are now ideally placed to capitalise on our 28-year unbroken track record of profitable underwriting.
"Our core business lines continue to offer attractive margins and our multi-platform strategy enables us to write more business in those classes without compromising on quality.
"I am optimistic about the future prospects of the group".
