OMEGA CUTS BACK ON PRE-EMPTION AT SYNDICATE 958

Omega Underwriting Agents Ltd, part of Bermuda-domiciled Lloyd’s insurer Omega Insurance Holdings, intends to reduce the level of pre-emption that it will be offering to Members for the 2010 year of account, reports Argenta Private Capital. In June the agency anticipated an increase in premium volume to £292m ($481.9m), implying a 20% pre-emption on the 2009 capacity of £250m. However, in the light of the June 1 and July 1 renewals, Omega has decided to reduce anticipated premium volumes to £257.5m and the required capacity to £280m, equal to a 12% pre-emption. Argenta noted that Omega emphasized that this was a preliminary plan based on prevailing conditions, and that it still awaited Lloyd’s approval.