Bermuda-based Omega Insurance Holdings expects to report a loss before tax of about $35 million for the half-year to June 30.

In the absence of significant catastrophe events in the second half, it anticipates moving to underwriting profitability for the full year.

Written premium for the first half is in line with its business plan, says Omega, with an increased share of syndicate capacity for 2010.

And the group says it currently plans to maintain its interim dividend.

"The benefits of the increased share of Syndicate 958 capacity have yet to have a significant effect on the group results," the company stated.

"Although the group's gross written premium at $244 million is up 30 percent, only 19 percent of 2010 year of account syndicate premium has been earned by 30 June. We would expect this to be 65 percent by year-end."

Estimates for losses relating to the Chile earthquake and the losses of the Aban Pearl submersible and Deepwater Horizon rig remain unaltered at $29 million.

Profitability of 2010 writings for the year to date has also been reduced due to a number of further losses, including the Australian storms, and the phasing of reinsurance purchases being more weighted towards the first half than last year.

Net asset value per share is about $1.84, against $2.04 at December 31.

Omega says it remains well capitalised and following the US hurricane season plans to review its capital requirements.

"The group's dividend policy is generally to pay a substantial proportion of profit out in the form of dividend," Omega stated.

"However, the board remains confident about the business and the future of the group and currently intends to maintain the dividend, which will be announced on August 31."