Omega Underwriting is set to move to Bermuda, joining peers including Catlin and Hiscox.

Omega, which announced a 10.2 percent increase in first-half pretax profit, also said it planned to raise £35 million via a share placing to fund a new US subsidiary.

The insurance and reinsurance company plans to operate under Bermudan holding company Omega Insurance Holdings, adding shares in the new firm would be listed on AIM.