Omega shares fall to 52-week low on H1 profit warning
Omega Insurance Holdings has issued a profits warning to investors as it anticipates losses of $35mn for the first six months of the year.
The net losses have been driven by high catastrophe claims, the strengthening of long-tail reserving following an actuarial exercise and the fall-off in revenues from its managing agency.
Omega's announcement follows a protracted and damaging boardroom struggle that led to chief executive Richard Tolliday and chairman Walter Fiederowicz being forced out in March.
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