LONDON (Thomson Financial) - Omega Insurance Holdings Ltd. said trading in
2008 has been strong and in line with its expectations, with market conditions
in its core areas of business continuing to offer attractive margins.
While competition is leading to softening of rates in a number of areas, it
is less pronounced in its underwriting business largely centred on smaller to
medium-size reinsurance and specialty insurance risks, the Bermuda-headquartered
insurer and reinsurer said in a statement issued before its annual general
meeting.
Omega said it has cut back its exposure over the last two years in weaker
non-U.S. areas and said it remains confident of achieving its plans for 2008.
The company in April said it had terminated talks with parties interested in
acquiring the company as the proposed indicative offers undervalue the long term
value inherent in the company.
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