Omega Insurance Holdings Inc.
Omega was incorporated on January 9, 2004 under the Ontario Business Corporations Act (“OBCA”). On September 24, 2004, Omega began operations by incorporating a wholly-owned subsidiary insurance company, Omega General Insurance Company (“Omega General”), under the Insurance Companies Act (Canada).
Omega General’s primary source of revenue is from incoming Canadian branch offices in “run off.” Omega General earns a premium on such portfolio transfer transactions above the transferring company’s claim liabilities. The second area of Omega General’s underwriting areas is a direct insurance premium business. Omega General generally purchases reinsurance for both its portfolio transfer and direct insurance premium businesses.
As a participant in the Canadian insurance industry, Omega is subject to significant regulations of the Canadian federal and provincial governments, including capital and solvency standards, restrictions on certain types of investments and periodic market conduct and financial examinations by regulators. Omega General is a property and casualty insurance company that is regulated by the Canadian Government’s Office of the Superintendent of Financial Institutions (“OSFI”). OSFI generally expects property and casualty insurance companies to maintain at least a 150% minimum capital test, which calculates capital adequacy. Omega has established procedures and controls to gain reasonable assurance that it is in compliance with all relevant laws, rules and regulations.
Omega General’s mission is to offer secure, innovative and customized solutions for Insurers/Reinsurers exiting the market and organizations with unique insurance needs in a cost effective manner by a team of dedicated professionals. Omega General has two objectives:
[1.] To provide those insurers wishing to exit Canada through a dedicated company deep in experience in handling “run-off” business, an ability to facilitate such an exit so that their financial, legal and moral obligations are met on a continuing basis, while being able to repatriate their surplus capital in a more timely fashion; and
[2.] To provide those insurers wishing to access the Canadian market and ability to do so in the most efficient manner, through fronting arrangements and other creative solutions.
Omega Contact Information
34 King Street East, Suite 1200
Toronto, Ontario, Canada