Omega buys extra reinsurance after cat-heavy year

Bermuda-domiciled Lloyd's carrier Omega Insurance Holdings has acquired additional reinsurance cover after it was dragged to a first-half loss by catastrophe activity and then hit by the New Zealand earthquake in September.

"Additional reinsurance was purchased in Q3 to further reduce catastrophe exposures, in the light of the frequency of significant losses to date," the company's interim management statement (IMS) for the nine months to 30 September said.

In August - weeks after issuing a profits warning - Omega reported...