Omega has released Syndicate 958's results for 2003. Capacity was £154m, and profit was 14.7%. This was at the upper end of the previous forecast.
The syndicate's 2004 forecast remains unchanged, at £225m, with a profit range of 5% to 10%. The 2004 year of account sustained the impact of the four Florida hurricanes in 2004 and a less material impact from exposures to events in 2005 including Hurricane Katrina.
Initial forecasts for 2005 are for capacity of £225m and a profit range of 2.5% to 12.5%. The 2005 year is at an early stage of development but, assuming a normal claims development, the strong trading conditions in 2005 are estimated to have enabled the syndicate to trade profitably through the impact of Katrina, together with Hurricanes Rita and Wilma.
Richard Tolliday, chief executive of Omega, describes the figures as excellent. "The result for the 2003 year of account is at the top end of the previous forecast and Omega's record of unbroken underwriting profits is forecast to continue with the anticipated profits for 2004 and 2005, despite the unprecedented scale and frequency of catastrophes experienced in those years. This is a record of distinction and proven performance from a highly experienced team."
