Advertise
Resources
Member, Beacon International Group, Ltd.
HAMILTON, Bermuda—Omega Insurance Holdings Ltd. has posted a loss of $49.1 million for the first half of 2011, compared with a loss of $34.2 million in the first half of last year.
Hamilton, Bermuda-based Omega said Wednesday the loss was caused largely by the high number of costly natural catastrophes in the first half of the year.
Omega's combined ratio for the first six months of 2011 was 133.2%, compared with 128.3% for the first half of 2010.
The company said it had reduced its gross written premiums by 15.4% to $206.5 million compared with the first half of 2010.
Omega's investment income for the first half of 2011 was $4.9 million, compared with $9.1 million for the first six months of 2010.
Omega, which operates syndicate 958 at Lloyd’s of London as well as insurance units in Bermuda, the United Kingdom and the United States, said it is in discussions with third parties about a potential sale of the company.
Omega has fielded several potential takeover offers since first being approached by Guernsey-based Canopius Group Ltd. in January.
HAMILTON, Bermuda—Omega Insurance Holdings Ltd. said it has received several approaches that may lead to an offer being made to buy the company.