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Omega encouraged by low losses


HAMILTON, Bermuda— Omega Insurance Holdings Ltd. said it expects its syndicate 958 to produce a profit of between 4% and 11% of capacity for the 2005 year of account.

Omega said that the syndicate, which had £224 million ($434 million) capacity for the 2005 year and the 2004 year of account, is expected to produce a 5% to 10% return on capacity for 2004.

"The 2006 year of account, whilst at a very early stage, is benefiting from robust underwriting conditions and an encouragingly low level of incurred losses," the company said in a statement.

Syndicate 958, which specializes in short-tail property insurance and reinsurance, has capacity of £249 million ($482 million) for 2006.

Omega in February set up a specialty insurance company in Bermuda and in November the holding company redomiciled to Bermuda.