Omega reports increase in profits of over 150%
by David Masters
Story link: Omega reports increase in profits of over 150%
Bermuda based Omega Insurance has announced its 2007 results, with profits before tax up 163% compared to 2006.
The insurance and re-insurance group reported profits of $59.5 million. This is compared to 2006 profits of $22.6 million.
Gross written premiums were also up, increasing by 110% from $115.6 million in 2006 to $242.9 million for 2007.
Combined ratio for the year was 79.3%, and return on equity was 19%.
Omega’s chief executive, Richard Tolliday, called the results “excellent” and said that he is “optimistic about the future of the group.”
He added: 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.”