Omega bet on US pays off in first half
Lloyd’s, Bermuda and US (re)insurer Omega Underwriting has unveiled interim results showing profit before tax up 119% to $20.4m (2006: $9.3m) on a benign combined ratio of 82% (2006: 86%).
The company’s profit after tax was up 147% to $16.3m (2006: $6.6m) as the effects of the firm’s change of domicile to Bermuda from the UK began to take effect, producing an effective tax rate of 20%
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