LONDON (Bloomberg) — Bermuda-based Omega Insurance Holdings Ltd., a Lloyd's of London insurer, said first-half profit fell 5.5 percent after net earned premiums declined.

Net income dropped to $20.6 million from $21.8 million in the same period last year, the company said in a statement yesterday. Gross premiums written rose to $187.5 million from $185.9 million. Net earned premiums fell to $90 million from $101.4 million.

"We are pleased that our first-half results demonstrate our ability to deliver attractive returns whilst growing our newer platforms," chief executive officer Richard Tolliday said in the statement.

Omega said in July it would increase its underwriting capacity at the Lloyd's of London market by acquiring an 18.3 percent stake in Syndicate 958 in a stock and cash deal.