John Coldman, Chairman

Richard Pexton, Chief Executive Officer

Katherine Letsinger, Interim Chief Financial Officer

2011 Preliminary Results Presentation

Disclaimer

Important NoticeThis Presentation does not constitute or form any part of any offer or invitation to sell or issue or purchase or subscribe for any shares in the Company nor shall they or any part of them, or the fact of their distribution, form the basis of, or be relied on in connection with, any contract with the Company relating to any securities of the Company, nor does it constitute an invitation or inducement to engage in investment activity under section 21 of the Financial Services and Markets Act 2000. No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness.

None of the Company’s securities have been, nor will be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and there is no intention to offer any such securities in the United States. Any offering of securities of the Company will be made only outside the United States in accordance with Regulation S under the Securities Act.

No representation or warranty, express or implied, is given by the Company as to the accuracy, fairness, sufficiency or completeness of the information, opinions or beliefs contained in this Presentation and nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future. Save in the case of fraud, no liability is accepted for any loss, cost or damage suffered or incurred as a result of the reliance on such information, opinions or beliefs. All such liability (including, without limitation, liability for indirect, economic or consequential loss) is hereby excluded to the fullest extent permissible by law.

This Presentation contains written and oral “forward-looking statements”, which includes all statements that do not relate solely to historical or current facts. All forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control that could cause actual results to differ materially from such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The information and opinions contained in this Presentation are provided as at the date hereof and are subject to change without notice.

By accepting this Presentation, you acknowledge and agree to be bound by the foregoing limitations and restrictions.

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Contents

Section 1: Summary and 2011 Priorities

Section 2: Financial Review

Section 3: Outlook

Q & A

SECTION 1SUMMARY AND 2011 PRIORITIES

Richard Pexton, Chief Executive Officer

5

Summary of Results

Gross written premiums reduced 14.5% to US$304.6 million (FY 2010: US$356.1 million) in line with plan;

Combined ratio of 134.3% (FY 2010: 114.4%);

US$85.6 million of net catastrophe losses (FY 2010: US$55.0 million), accounting for 37.5% of the combined ratio;

Investment return of 1.2% (FY 2010: 1.9%);

Loss before tax of US$94.7 million (FY 2010: US$42.9 million loss);

Basic earnings per share of (36.5) US cents (FY 2010: (17.6) US cents);

Nil dividend (FY 2010: 6.0 US cents)

6

2011 focus was to reposition the business

We have taken the following actions in 2011

Reduced catastrophe exposed premium – to create a better balanced portfolio for the future

Reduced more volatile classes

Purchased more effective reinsurance protection

Focused on the core Syndicate 958 portfolio

Catastrophe premium income reduced from c.$105m to c.$84m;

2011: 0.1% market share of applicable Industry Cat losses (2010: 0.32%);2011 cat losses at the lower end of our peer group

range as measured by % of 2010 NTA.

Exited:Offshore Energy;Retrocessional;Third party Bermuda reinsurance business.

Reinsurance recovery ratio of 14.2% (FY 2010: 6.7%);

Lower reinsurance retentions on US & International programmes and increased cover for

2012;Reduced basis risk.

Increased Group’s economic participation for 2012 to 60.7%;

Retained key accounts.

Changed the business mix

Effect

7

Summary of Gross Premium Written

2008

2009

Gross premium written (US$ millions) FY 2011 FY 2010

Syndicate 958 derived 222.6 244.9

Omega Specialty (third party reinsurance) 31.6 65.2

Omega US 50.4 46.0

Total 304.6 356.1

Syndicate 958 (100%) 425.9 503.8

Syndicate 958 has completed the exit from Marine Energy and Retrocessional business

Omega Specialty exited third party reinsurance business during Q2 2011

Omega US has obtained eligibility for excess and surplus lines licences in all remaining US mainland states including California;

2009 2010 20110%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

$96.8m$105.1m $84.2m

$22.6m$44.4m

$7.3m

$59.2m $89.5m

$86.6m

$18.5m $18.9m

$17.9m

$11.9m $24.9m

$22.4m

$33.7m $44.6m$55.4m

$9.3m $12.6m $18.1m$13.8m $16.1m $12.7m

Other

Professional in-demnity

Liability

Motor

Property per risk

Non-marine property

Marine

Property catastrophe

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Changing business mix

2009

Omega has changed its business mix, reducing the more volatile classes (GWP $m)

Increase in Motor XL account has benefited from original repricing;

Decrease in Property Catastrophe reflects exit from retrocessional business.

SECTION 2FINANCIAL REVIEW

Katherine Letsinger, Interim Chief Financial Officer

10

Group Underwriting Result

US$ millions FY 2011 FY 2010

Gross premiums written 304.6 356.1

Net premiums written 221.3 268.4

Net premiums earned 243.9 247.4

Claims incurred net of reinsurance (249.2) (208.8)

Net underwriting charges (78.3) (74.3)

Underwriting loss (83.6) (35.7)

Claims ratio 102.2% 84.4%

Net acquisition cost ratio 26.7% 25.5%

Other underwriting expense ratio 5.4% 4.5%

Combined ratio 134.3% 114.4%

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Net Earned Premium by segment

2010

2011

0 50 100 150 200 250

169.7

179.2

40.1

20.8

37.6

43.9

Syndicate 958 derived Omega Specialty Omega US

NEP, US$ millions

The effect of premium changes is reflected in net earned premium

Increase in group share of Syndicate fully earned;

Omega Specialty exit from third-party reinsurance business;

Growth in Omega US.

243.9

247.4

12

Loss Experience

Group Loss Ratios % FY 2011 FY 2010

Catastrophe losses 37.5% 23.0%

Attritional and large losses 66.9% 56.5%

Prior year attritional reserve movements (0.2)% 2.3%

Effect of whole account reinsurance (2.0)% 2.6%

Total 102.2% 84.4%

Reinsurance recovery ratio (excluding whole a/c) 14.2% 6.7%

Catastrophe Losses

US$98.7 million of estimated catastrophe losses, net of class specific reinsurance recoveries, but before inwards reinstatement premiums of US$13.1 million;

Small increase in estimates for 2010 catastrophes (US$3.1 million);

More effective reinsurance, with recovery ratio of 14.2% (FY 2010: 6.7%), excluding whole account reinsurance.

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Loss Experience

Group Loss Ratios % FY 2011 FY 2010

Gross attritional losses 54.0% 44.0%

Net attritional and large losses 66.9% 56.5%

Attritional Losses and Prior Year Movements

Affected by high occurrence of small catastrophe experience (e.g. smaller US tornadoes)

Increase in ultimate loss ratio for 2011 US liability business

Prior year reserve release of US$0.6 million (FY 2010: $6.0 million increase)

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Group Expenses

US$ millions FY 2011 FY 2010

Other underwriting operating expenses 13.2 11.1

Other corporate expenses

Recurring 21.1 20.0

Non-recurring 2.3 3.3

Total 36.6 34.4

Other underwriting expenses ratio 5.4% 4.5%

Corporate expense ratio 9.6% 9.4%

Other underwriting operating expenses have increased marginally from 4.5% to 5.4% due to ongoing cost associated with Solvency II

Investment incurred by the Group in 2010 and 2011 in order to enhance the quality of its infrastructure has been completed and the cost base has stabilised

Non-recurring expenses (corporate activity) total US$2.3 million (FY 2010: US$3.3 million)

Investment Portfolio

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FY 2011 FY 2010

Syndicate Corporate Total Funds Total Funds

US$m US$m US$m % US$m %

Government bonds 40.4 321.5 361.9 54.8% 485.3 73.9%

MBS, ABS and covered bonds

10.8 38.7 49.5 7.5% 5.7 0.9%

Corporate bonds 28.8 121.5 150.3 22.7% 84.9 12.9%

Overseas deposits, MM and cash

34.3 65.7 100.0 15.0% 81.5 12.3%

Total 114.3 547.4 661.7 100.0% 657.4 100.0%

Diversification away from Government bonds

Total duration equal to approximately 1.24 years (2010: 1.3 years)

Investment return of 1.2% (FY 2010: 1.9%)

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Capital

The business remains well-capitalised

Historic capital requirements have been rating agency driven

Changes in business (non-renewal of Omega Specialty third party business) means a stand alone A.M. Best rating is no longer necessary for Omega Specialty (currently in discussions with rating agency and regulators)

Omega US stand alone rating is a commercial requirement

Lloyd’s capital will become the driver of capital requirements for the Group, creating a more efficient capital model

Lack of leverage places Omega apart from peers; conservative leverage considered going forward

SECTION 3OUTLOOK

Richard Pexton, Chief Executive Officer

18

Outlook

2012 Priorities include:

Underwriting: concentrating our underwriting where rates are increasing:

US catastrophe rates increasing 5-15%;

US SME rates increasing 7-15%.

Omega US: continue to build our footprint in the US;

Embedding operational improvements: continuing to embed the operational and infrastructure improvements made over the past two years;

Capital Management: improving capital efficiency.

Q&A