Omega promises 10% capacity increase
Omega Underwriting today announced an increase (pre-emption) of its 2006 underwriting capacity, adding £25m to its planned stamp. The insurer, which last week estimated losses in the region of $24m ($13.6m) from Hurricane Katrina said following the two recent storms it expects a significant strengthening of market conditions for 2006 and a broad range of opportunities for growth in lines of business that comprise Omega’s existing core areas of expertise.
It will now be submitting to Lloyd’s a revised business plan encompassing an increase in the capacity of its managed syndicate 958 from £225 million in 2005 to £250 million for 2006.The revised plan
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