Omega Insurance, parent of Syndicate 958, has received approaches
Omega Insurance confirmed this morning that it has received several approaches from parties interested in taking over the business.
Omega Insurance is the Bermuda-based holding company for Lloyd’s managing agent Omega Underwriting, which manages Syndicate 958.
The company confirmed that parties had shown interest in taking over the entire Omega Insurance operation, comprising US, European and Bermudan units, as well as the Lloyd’s managing agent.
The company has distributed marketing documents to the interested parties, but said that these were not information memoranda, and that discussions were only at very early stages. It added that no formal offers have been made so far.
A spokesperson for Omega said: “The board has to act in shareholders’ interests in responding to interest from other companies.”
AIM-listed Omega Insurance Holdings has a market cap of approximately £220m.
In 2006, Omega’s Syndicate 958 wrote £250m in gross premiums, making pre-tax profits of £37m with a combined ratio of 85%.
