Omega Underwriting Holdings has revised its 2005 forecast for Syndicate 958, from 4-11% to 2.5%-12.5%.
There has been no change to the estimated net cost to the Syndicate caused by Hurricane Katrina.
Omega's 2004 forecast remains unchanged, at 5-10%.
The listed underwriter's chief executive, Richard Tolliday, said: “Omega is forecasting to continue the Syndicate's record of unbroken underwriting profits over more than 20 years with profits forecast for the pure year 2004 and 2005 accounts, and with reserves continuing to prove robust. These are excellent and exceptional results in what have been difficult times for the insurance industry as a whole.
"The quality of our underwriting team, our approach to risk management and the spread and balance of our underwriting portfolio put Omega in a very strong position and give us great confidence for the future.”
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