Omega profit nearly doubles
March 11, 2010
BERMUDA-based, London-listed insurer Omega has posted a profit of $43.6m for 2009, up from $22.2m in 2008, on gross written premiums virtually unchanged at $265.8m. The combined ratio improved to 81.4% from 101.4%, helped by a claims ratio that declined to 49.3% from 76.0%. However, the commission ratio rose to 28.6% from 21.7%, and the investment return declined to $16.3m from $21.8m. The return on equity was 9.8%, up from...