Omega announces net loss of $89 million

Omega has reported a net loss of $89 million, and a negative return on equity of 23.9 percent, for 2011.

Gross written premiums were also down by 14.4 percent in 2011, at $304.6 million, in comparison with $356.1 million in 2010.

Commenting on the company’s results Richard Pexton, chief executive officer of Omega, said that 2011 had been a difficult year.

“During 2011, we have continued the repositioning of our business which is now aligned with the board's current risk appetite,” he said.