H LEWANDOWSKI | PEEL HUNT
Its catastrophe losses represent about 15 per cent of its 2010 net tangible assets, a relatively favourable performance. Its $1m reserve release, compared with a $12m strengthening a year earlier, is clearly positive. Additional reinsurance has also been purchased for the US windstorm season.
NICK JOHNSON | NUMIS
First-half catastrophe losses are the highest in the sector relative to premium income – but low relative to net tangible assets given Omega’s strong capital position. We consider its top-level capital ratios to be one of the strongest in the sector, with zero debt and a high NTA to gross premium ratio.
JOY FERNEYHOUGH | ESPIRITO SANTO
Omega has worked hard to reduce catastrophe exposure and improve the efficiency of its reinsurance programmes. This has clearly worked as tangible book value fell just ten per cent, in line with likes of Hiscox or Beazley and ahead of Amlin and Hardy – but it has moved away from better-priced business.