TORONTO, October 20, 2004 – Philip H. Cook, MBA, FCIP, Chief Executive Officer of Omega Insurance Holdings Inc. is pleased to announce the acquisition of Focus Group Inc., an insurance management, consulting and run-off company established in 1986, along with the launch of Canada’s newest insurer, Omega General Insurance Company.
Both transactions closed on September 29, 2004 following the issuance of Letters Patent for Omega General Insurance Company (Omega Compagnie d’Assurance Generale) by the Minister of Finance.
Omega General received its Order to Commence and Carry on Business from the Office of the Superintendent of Financial Institutions effective October 4, 2004, and is currently in the process of applying for license status in all Provinces and Territories.
Omega has assembled a high profile, and extremely experienced Board of Directors chaired by Mr. David Atkins, MA, FCA.
Funding for the transaction was provided by Integrated Asset Management Corp., Canada’s leading alternative asset manager with over $1.6 billion in assets under management, and VenGrowth Capital Partners Inc., Canada’s largest private equity and venture capital firm, along with the original shareholders of Focus Group Inc.
Day to day operations for Omega General and Focus Group will be managed by Kenneth Rayner, CIP (President, Omega General Insurance Company) and Matthew Cook, CA, BBA (Chief Operating Officer, Focus Group Inc.).
Omega General will fill a need for dedicated “portfolio transfer” coverage to assist insurers/reinsurers as they either withdraw from Canada or consolidate their operations, and will offer other customized products to assist Canadian businesses with their specialized insurance needs. Focus Group Inc. will continue to provide and expand the services it has offered over the last 18 years and Omega General will enhance and compliment those services where a “balance sheet” solution is required.
