Omega posts 134% COR
Omega Insurance Holdings has reported a $94.7m (£60.1m) loss before tax for 2011, more than double the $42.9m it lost in the previous year.
The international insurance and reinsurance group also saw a 14.5% reduction in gross written premiums in 2011 to $304.6m (2010: 356.1m) and a deterioration in its combined operating ratio to 134.3% from 114.4% the previous year.
The Bermuda-domiciled provider highlighted that of its 102.2% claims ratio 37.5% arose from catastrophe losses. The company revealed that in the year to 31 December 2011 it was hit by $85.6m of catastrophe losses net of reinstatement premiums.
Richard Pexton, chief
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