Omega US Insurance assigned A- rating
– 7 December 2007
A.M. Best has assigned a financial strength rating of ‘A-’ (Excellent) and an issuer credit rating (ICR) of ‘a-’ to Omega US Insurance, Inc. (Omega US) of Wilmington, Delaware, headquartered in Chicago. The outlook for both ratings is stable.
The ratings are said to reflect Omega US’s conservative business plan, experienced management team and the benefits of having a strong balance sheet that is unencumbered by prior year reserve liabilities. Additionally, the ratings reflect the benefits derived from being a subsidiary of Omega Insurance Holdings Limited, Bermuda—a publicly traded holding company for businesses in Bermuda, United States, London and Germany that focuses on predominantly short-tail property insurance and reinsurance.
In addition, the ratings recognise the successful background of the executive team and the well-established relationships that management has with the existing managing general agent network, which will comprise the distribution channel for Omega US’s book of surplus lines business.
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