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Omega Insurance H1 profit up 34%

Bermuda-based Omega Insurance Holdings has reported that its profit after tax in the first half of 2008 increased 34% to $21.8 million from $16.3 million in the corresponding period of 2007.

For the first half of 2008, the company’s basic earnings per share increased 36% to $0.15 from $0.11 in the first half of 2007. Premium income increased 7% to $185.9 million from $173.1 million in the corresponding period of 2007. This increase has been achieved by the selective growth of premium in the newer operating platforms in Bermuda and the US, the company said.

Omega Specialty, Omega’s Bermudian insurance company, contributed a profit of $21.1 million, an increase of 28% over $16.5 million reported in the first half of 2007. Gross earned premium increased 41% to $115.8 million from $81.9 million in the first half of 2007, and net earned premium increased by 52% to $101.4 million from $66.8 million in the first half of 2007.

Richard Tolliday, CEO of Omega Insurance, said: We are extremely pleased with our first half results and our continuing profit growth. We have only modest exposure to the market losses to date in 2008 and are delivering a very strong set of underwriting results. We believe our multiple operating platforms across Bermuda, Lloyd’s, the US and Europe, together with the quality of our underwriting and risk management will continue to deliver strong performance into the future.