Omega tightens belt as H1 losses widen
Lloyd's takeover target Omega widened its loss for the first half of 2011 to $49.1mn from $34.2mn last year, as it confirmed yesterday's revelation by The Insurance Insider that it is pulling back on its Bermudian business.
Premium volumes from the specialty third-party business underwritten in Bermuda dropped to $29mn for the first half from $57mn in the previous year, as Omega exited retro business and made cutbacks in the mid-year renewals.
"We do not plan significant further writings in...
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