Omega reports 16% rise in US...
May 16, 2012
Omega reported a 16% rise in its US gross written premium during the first quarter of 2012, with the insurer experiencing a positive rating environment in its core lines of US small and medium-sized enterprises commercial property and US property treaty. Group gross written premium totalled $120.6m during the quarter, down by around $9m from the opening three months of 2011. Year on year, the company reduced its property catastrophe treaty reinsurance writings, which stood at $30.8m for the first quarter, compared with $44.5m during the opening quarter of 2011. Omega said the non-renewal of third-party business in Bermuda had resulted in an $18.7m decrease in premiums written during the quarter, offset in part by an increase in the group’s share of gross written premiums written by Syndicate 958. This reached $106.6m during the quarter, up from $98.5m during the...