Omega moves for extra 958 capacity

No shortage of action in the Lloyd’s market. In the latest move, Omega Underwriting Agents has made an offer to acquire additional capacity on syndicate 958 for 2010 by way of a share offer with a cash alternative. The capacity offer equates to maximums of £50m or £125m of syndicate 958’s capacity, depending on the level and type of acceptance. Omega currently acts as managing agent for the syndicate and provided 16.4% of 958’s capacity last year. Syndicate 958 has an underwriting capacity of £249m for 2009.