Omega Insurance which has received takeover approaches over the last month, estimated it could have losses of around $24 million from last month’s earthquake in Japan, which has hit insurers across the world.
“Omega estimates its ultimate loss, net of reinsurance and reinstatement premiums, to be approximately $23.6 million, based on an estimated insured market loss of $25 billion,” the company said on Tuesday.
The March. 11 Japan quake and tsunami has left nearly 28,000 dead, and on Tuesday the Japanese economics minister warned that the resulting economic damage could be worse than previously feared.
Omega also gave a fresh update on the hit it took from floods in Queensland and another earthquake in New Zealand at the start of this year, forecasting $7.6 million and $9.5 million of losses respectively.
In January, Omega received a bid approach from privately owned rival Canopius and last month the company said it had received further bid approaches from other parties, whom it declined to identify.
Omega shares closed at 83.50 pence on Monday, giving the company a market capitalisation of roughly 200 million pounds ($327.3 million).
Source : Reuters
