Omega floats on LSE Main Market

by Gill Montia

Story link: Omega floats on LSE Main Market

Omega has reported that it is now one of seven non-life insurers on the Main Market of the London Stock Exchange, with a market capitalisation of £310 million.

The Bermuda-based firm, which was previously AIM listed, raised £130 million in January and last week doubled its stake in Lloyd’s Syndicate 958.

The Syndicate has an unbroken record of underwriting profit every year since its formation in 1980 and following a £45 million deal with syndicate members, Omega holds almost 35%.

The company employs 53 staff, specialising in underwriting short-tail property insurance and reinsurance for small to medium sized insureds. It also reinsures smaller insurance companies.

Gross premiums written for 2008 were $265.4 million with an investment return of $21.8 million and net revenues of $261.2 million.