Our Origins:
The Group’s origins centre on the management of Lloyd’s Syndicate 958, which has an exceptional record of unbroken underwriting profit since its establishment in 1980.
A Change of Focus:
In 2005, Omega began the execution of its strategy to change the focus of the Group from being primarily a manager of the third party capital supporting Lloyd’s Syndicate 958 to become an insurance and reinsurance operation with a significant amount of its own capital at risk. In April 2005 the Group was admitted to trading on the AIM market of the London Stock Exchange, and £18 million (US$33 million), net of expenses, was raised from institutional investors. In December 2005, Omega completed a second placing and raised a further £86 million (US$148 million), net of expenses and capitalised Omega Specialty Insurance Company Limited, the Group’s Bermudian insurance company with US$172 million. A.M. Best rated Omega Specialty Insurance Company Limited A– (Excellent).
The Move to Bermuda:
In October 2006, Omega raised a further £33 million (US$62 million), net of expenses with which Omega Insurance US Inc, the Group’s US insurance company was capitalised. Bermuda emerged as the premier global market for a number of the types of insurance and reinsurance business. US operations opened new avenues to business, and the majority its premium income has been historically and continues to be derived from business in the US. In conjunction with the establishment of operations in Bermuda and the US, Omega concluded that the Group would be more appropriately headquartered in Bermuda. On 9 November 2006 a scheme of arrangement became effective under which Omega Insurance Holdings Limited, a Bermuda company, became the holding company of the Omega Group, and was admitted to trading on AIM on that date.
Restucturing Complete:
In December 2007, Omega Insurance US Inc received its own A– (Excellent) rating from A.M. Best. Omega sought and gained consent from H. M. Treasury for the transfer of both Omega Specialty Insurance Company Limited and Omega Insurance US Inc from Omega Underwriting Holdings Limited in the UK to Omega Insurance Holdings Limited in Bermuda. The final step in these transfers was completed in March 2007. As a result, Omega now has a structure that it considers optimal from strategic, operational and financial perspectives.
Recapitalised for Growth:
In December 2008, Omega announced a £124 million (US$179 million) share placing, and the funds raised were deployed in the growth of its underwriting platforms. This left the Company robustly capitalised as it entered the next phase of its development.
Admission to the Main List and Offer to Acquire Capacity:
Omega was admitted to the London Stock Exchange Main List in July 2009. At the same time the Group completed an offer to acquire capacity on Syndicate 958 from third party members utilising the majority of the capital raised in 2008. Together with capacity acquired in the Lloyd’s Auctions in November 2009, Omega now owns 38.8% of Syndicate 958.
2010 New Board of Directors:
In March 2010, Walter Fiederowicz, Christopher Clarke, Clifford Palmer, Coleman Ross and Nicholas Warren stepped down as non-executive Directors of the Group. In their place John Coldman was elected as Chairman of the Board and James Bryce, Robin Spencer-Arscott, Jonathan Betts, David Cooper and Ernest Morrison were appointed as non-executive Directors of the Group. Richard Pexton was subsequently appointed by the Board as the new Chief Executive Officer, replacing Richard Tolliday. In September 2010, Geoffrey Johnson was appointed as a non-executive Director of the Group.