Omega Insurance cancels dividend as losses double

Omega Insurance Holdings has doubled its pre-tax losses for the full year ended December 31st, prompting it to cancel the dividend.

Omega Insurance Holdings has doubled its pre-tax losses for the full year ended December 31st, prompting it to cancel the dividend.

Loss before tax was $94.7m compared to a loss of $42.9m the previous year, on an income of $304.6m (2010: $356.1m) and net revenues of $257m (2010: $261.4m), hit by a leap in the number of claims made, particularly after the earthquakes in Japan and New Zealand. The effect of the catastrophe losses totals $85.6m (2010: $55.0m).

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