Group exposed to Australian flood losses through property treaty reinsurance
Bermuda-based Lloyd's insurer Omega has almost trebled its loss estimates from the New Zealand earthquake to $16.8m from $6.2m.
The majority of Omega's exposure arises through the reinsurance of local New Zealand cedants, with the remainder coming from retrocession accounts.
The group’s total loss estimates including management agency profit commissions has also risen from $7m to $18.9m.
The group has said any exposure to the ongoing Australian Floods would be predominantly from Omega's property treaty reinsurance account, though loss estimates have not been released due to limited reliable loss data.
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