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Omega Insurance’s H1 profit after tax up 34%

Omega Insurance Holdings has reported a profit after tax of $21.8 million for the first half of 2008, representing a growth of 34% as against the profit after tax of $16.3 million for the same period in 2007.

For the first six months of 2008, profit before tax rose 20% to $24.5 million from $20.4 million posted during the comparable period in 2007.

Gross written premium for the period was $185.9 million, an increase of 7% over $173.1 million for the corresponding period in the previous period. The company has attributed this increase to the selective growth of premium in the newer operating platforms in Bermuda and the US.

Richard Tolliday, CEO of Omega, 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.