OMEGA UNDERWRITING AGENTS TO MANAGE LLOYD’S SYNDICATE 529

Omega Underwriting Agents has reached an agreement to manage Lloyd’s syndicate 529, subject to Lloyd’s regulatory approval. Syndicate 529, managed by Sterling Underwriting Agencies, had its licence to underwrite new or renewal business revoked by Lloyd’s in July. Once the necessary consents for the transfer have been given, Omega intends to resume underwriting for the 2000 year of account immediately. Omega managing director Barbara Merry said that syndicate 529 had £30m of capacity for 2000 and that this would be maintained at the same level for 2001. She added that syndicate 529’s book would be two-thirds non-marine and one-third marine excess of loss and energy. Omega, which manages non-marine syndicate 528, said that capital for syndicate 529 in the 2001 year of account would be provided by a newly established, dedicated corporate vehicle owned by Shelter Mutual Group of the US. Omega noted that there was no financial or ownership interest between Shelter — which has acquired Sterling Underwriting Agencies — and Omega. John Robinson is active underwriter for syndicate 528 and will also be the active underwriter of syndicate 529. Maurice Howell, the former active underwriter of syndicate 529, will remain with Sterling as run-off manager.