Omega Underwriting, an insurer in the Lloyd?s of London market, is the latest company to set its sights on doing business in Bermuda.

The company said it plans to raise ? 90 million, the equivalent of $156.8 million, to set up its new Bermuda insurer as well as to support its existing Lloyd?s syndicate 958.

The scope of the new Omega outfit is small in comparison to plans for at least seven other new highly-capitalised Bermuda insurance and reinsurance ventures, each with plans for initial capitalisation of between $500 million and $1.5 billion.

Omega?s Bermuda unit is to be called Omega Specialty Insurance Company Ltd.

It appears the company is not, as yet, registered or licensed by Bermuda authorities, with the company not appearing in a search of Registrar of Company records.