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 boardroom struggle
that led to chief executive Richard Tolliday and chairman Walter
Fiederowicz being forced out in March.
The Bermudian short-tail specialist's shares...
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