Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
March 8, 2011

Omega posts $42.8 million loss

by Gill Montia

Story link: Omega posts $42.8 million loss

Bermuda-based insurer and reinsurer, Omega, has reported a loss of $42.8 million for 2010, compared with the previous year’s profit of $43.6 million.

Gross premium income for the year stood at $356.1 million (2009: $265.8 million) but the firm suffered a loss ratio of 84.4%, compared with 49.3% in 2009.

Omega points out that 86% of the pre-tax loss was incurred on its 2009 year of account and prior, before the current board’s appointment in March 2010.

Since then it has improved its reinsurance programme, further strengthened both board and senior management positions and invested in its risk management, modelling, data quality, analysis and controls capabilities.

The company says it is well positioned for future growth into new lines of business and chief executive, Richard Pexton, reassures: “Changes made since March will leave the business less exposed to losses of this nature.”

He adds: “With its platforms in the major markets and the strength of its distributor relationships, Omega is ready to grow when the time is right.”

 

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