Omega counts cost of disaster

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Show Comments ▼ KCS-content Tuesday 31 August 2010 8:01 pm LONDON-listed property and casualty insurer Omega Insurance sank into the red in the first half of the year, weighed down by a string of costly natural disasters including the Chilean earthquake.“These catastrophe losses, together with the lag that currently exists in 2010 premium earnings, have had a major effect on our half-year results,” chief executive Richard Pexton said yesterday.The outlook for the second half depends very much on the level of hurricane activity, with Omega likely to suffer in the event of a large natural disaster even as some insurers benefit. “In the absence of a significant catastrophe, we would expect to break even at the end of the year, if there is a very large catastrophe, that will be a struggle,” he added.Omega swung to a pre-tax loss of $34.2m (£22.3m) in the six months to 30 June from a profit of $22.9m a year earlier, in line with its profit warning this month indicating it was on course for a loss of $35m. Omega blamed a high level of claims stemming from catastrophes including the Chilean quake, the BP oil spill in the Gulf of Mexico and hailstorms in western Australia.But the insurer said it remained confident of its future prospects and held its interim dividend at six cents per share.It said that the time lag on premium flows, which dented first-half profits, will even out in the second- half.The company’s board has undergone a radical overhaul amid shareholder activism, with new management appointed this year after it lost one of its most senior underwriters last year. Share center_img whatsapp Omega counts cost of disaster whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tags: NULLlast_img read more