Daily Insurance Industry News
Daily Insurance Industry News
Thursday 18th of October 2018
August 28, 2009

Omega posts drop in profits

by David Masters

Story link: Omega posts drop in profits

Omega Insurance Holdings this week posted a 5.5% drop in first half profits.

The Bermuda-based insurer reported net income down to $20.6 million from $21.8 million in the year ago period.

The fall in profit came despite a rise in gross premiums written, up 1% from $185.9 million to $187.5 million, and an 1.2 percentage point improvement in combined ratio, down to 82.5%.

Chief executive Richard Tolliday said he was “pleased” with the results, which “demonstrate our ability to deliver attractive returns whilst growing our newer platforms.”

ÔÇťOmega is well positioned to take advantage of the opportunities the current market place offers,” he added.


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