LONDON (Bloomberg) — Omega Insurance Holdings Ltd., a Lloyd’s of London insurer based in Bermuda, said 2006 profit rose 29 percent after it raised money to expand coverage. Net income rose to $15.1 million, or 12 cents a share, from $11.7 million, or 30 cents a share in 2005, Omega said yesterday in a Regulatory News Service statement.

Omega Underwriting is one of a wave of Lloyd’s insurers to have redomiciled to Bermuda over the past year.