Omega Insurance Holdings Limited – Interim Results - 18.9.07

Omega Insurance Holdings Limited announces its financial results for the six months ended 30 June 2007.

Highlights

Financial

•Profit before tax up 119% to $20.4 million (2006: $9.3 million)

•Profit after tax up 147% to $16.3 million (2006: $6.6 million)

•Earnings per share up 120% to $0.11 per share (2006: $0.05)

•Combined ratio of 82% (2006: 86%)

•Effective tax rate 20% (2006: 29%)

•Interim dividend of US 7.7cents per share

Operational

•Syndicate 958 continuing 27 year record of unbroken underwriting profit

•Group corporate restructuring completed on 16 March 2007 with the
transfer of Omega Specialty Insurance Company Limited to Omega Insurance Holdings Limited

•Omega US licensed by Delaware and eligible to write surplus lines
business in 11 US states

•Senior recruitments in Omega Specialty and Omega US

•Outlook positive for the full year 2007 and for 2008 and beyond

Richard Tolliday, Chief Executive of Omega, commented: 'These are excellent results ahead of expectations. With the very substantial growth in profits we are beginning the delivery of the earnings potential of the Group's new structure and operating units. The Group has potential for long-term profitable growth and the dividend we have declared is a clear indication of our confidence in Omega's future prospects as we build upon 27 years of underwriting excellence'.

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