Omega Underwriting, an insurer in the Lloyd?s of London market, was licensed to join the Bermuda insurance market on January 27, according to a bulletin yesterday from the Bermuda Monetary Authority.

Omega previously said its plan was 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 ten other new highly-capitalised Bermuda insurance and reinsurance ventures, each with initial capitalisation of between $500 million and $1.5 billion.

Omega was granted a class three licence in contrast to Bermuda?s other new reinsurers who fall into the class four category, an arena for the Island?s biggest commercial insurers and reinsurers.

Omega?s Bermuda unit is named Omega Specialty Insurance Company Ltd.

The BMA said it also licensed three other insurers in January, two captive companies and a second class three company, Stellar Reinsurance (FGI) Limited.