Bermuda-based insurer Omega has reported a year on year doubling in motor insurance and reinsurance premiums, up from $7.5m to $14.9m, as it reported gross written premiums up 18% year on year to $124.5m. In absolute terms the biggest growth was at syndicate 958, up $12.1m to $87.4m. Omega US grew 56%, to $10.6m from $6.8m, while Omega Bermuda grew by 13%, from $23.4m to $26.5m. Omega maintained its net loss estimate from the Chilean earthquake at $23.0m, and said that its net loss from the Deepwater Horizon disaster was estimated at $5.6m. One other significant expense was professional fees, which came in at $2.9m for the quarter. In March this year a special general meeting forced by dissatisfied institutional investors saw the ejection of the old board and the subsequent resignation of CEO Richard Tolliday, who was replaced by Richard Pexton. John Coldman became the new chairman. Mr Coldman and Mr Pexton are currently undertaking a review of Omega's business and will report back "in due course".  The more bullish tone of the new order was reflected in the interim management statement. Although rate reductions of 5% to 10% were given in the US reinsurance market at the January 1 renewals, Omega said that "overall margins still remain attractive". The insurer said that the previously expected pressure on offshore energy rates in mid-year was no longer likely to materialize, given recent events in the Gulf of Mexico. At Omega US, the company said that "with the infrastructure and team now in place, the business is focused on developing a profitable underwriting business". However, it admitted that "the rating environment in the US excess & surplus market remains challenging, but positive margins are still available". The investment return for the first quarter was 0.7%, or 2.7% on an annualized basis.