Lloyd's of London underwriter Omega, which set up a Bermuda subsidiary late last year, expects to write gross premiums at the top end of expectations, it said on Sunday.

Richard Tolliday, chief executive of Omega, also said in a statement that the company has no plans to raise any further capital after raising ?20 million when it was floated last April and a further ?85 million later in 2005.

Omega reported a pre-tax profit of ?6.69 million for the year to December from ?3.61 million a year earlier, while gross premium written totalled ?32.08 million against just ?4.27 million previously.

The group added that with a positive outlook for the year ahead it expects a "Progressive market strengthening in Omega's key underwriting classes during 2006 and into 2007."

"We anticipate that trading conditions in Omega's key lines of business will continue to strengthen during 2006. The establishment of Omega Specialty in Bermuda puts the Group in an excellent position to build upon its success to date," Mr. Tolliday added.