Underwriting

Omega is an established underwriter in this class of business which provides excess of loss reinsurance of the property accounts of insurers worldwide, affording protection for catastrophic events. The focus of this account is the reinsurance of smaller to medium sized insurance companies. Whilst it is a catastrophe account, the nature and geographical spread of the insured’s provides natural diversification within the account.

This account, which provides excess of loss reinsurance to insurers on a per-risk basis, is written with a methodology and approach consistent with that employed on the Property Catastrophe Treaty Reinsurance account, with a similar bias towards the US and reinsuring smaller to medium sized insurers.

The non-marine property insurance account remains core to the Group and is comprised of predominantly low value, commercial risks. It is written through a series of Managing Agents with whom the Group has long-standing relationships. The regionalised nature of these agents adds to the inherent diversification of the portfolio. The majority of Omega US falls into this category, as well as a significant and long-standing book in the Syndicate.

Most of the liability insurance underwritten by Omega is the restricted coverage given in conjunction with the writing of commercial property insurances. The reinsurances are of European and UK general liability insurers on a risk excess basis.

Mainly an off-shore energy account focused upon exploration and production companies and mobile drilling and service contractor fleets. Cover is provided for fixed offshore platforms, drilling rigs and control of well insurance as well as other incidental coverage. Also includes a brown water hull and yacht account.

The majority of the insurance element of this account is vehicle physical damage cover in the US and the reinsurance element is comprised of reinsurances of European and UK motor insurers, covering both physical damage and liability, on both a proportional and excess of loss basis.

Omega’s account is focused predominantly on small assureds in the US.

Classes categorised as “other” include Omega’s underwriting, on either an insurance or reinsurance basis, of satellites, aviation, war, fine art, personal accident and kidnap and ransom. Omega underwrites these classes on an opportunistic basis and therefore expands and contracts the individual lines of business according to the market conditions.