Hashtag: #Omega

Omega Confirms Byrne May Lower Bid

Bermuda-based reinsurer Haverford may lower its bid for a 25 percent stake in London-listed rival Omega, Omega confirmed today [Nov. 29] — just 24 hours before the offer is due to expire. “[Haverford] has communicated the possibility of a new proposal at a fixed price or at a range with lower cap and floor prices than the current offer,”... Read more of this article

SkyNews: Byrne Wants ‘Cut-Price’ Deal

The business editor of Britain’s SkyNews is today reporting that Bermuda-based insurance tycoon Mark Byrne [pictured] is pushing “for a cut-price deal to muscle his way into the boardroom of one of the largest operators in the Lloyd’s of London insurance market.” Sky’s Mark Kleinman reports that Mr. Byrne — who co-founded Flagstone... Read more of this article

Omega Gross Written Premiums Decline

Bermuda’s Omega Insurance Holdings today [Nov. 18] reported gross written premiums in the first 9 months of 2011 totalled $258.5 million — down from $308.5 million in 2010. In an interim management statement, Omega said while rates are improving in its two largest classes, property catastrophe and US small commercial property, the net loss... Read more of this article

Omega Insurance Accepts Byrne’s Offer

The board of Bermuda-based Omega Insurance and Invesco Perpetual, its main investor, have ended the battle for control of the Lloyd’s of London insurer by throwing their weight behind Mark Byrne’s tender offer for 25 per cent of the company. Canopius, the privately held rival Lloyd’s vehicle, responded by withdrawing its revised indicative... Read more of this article

Japan Loss: Omega Estimates $23.6 Million

Omega Group said its preliminary loss estimate from the March 11 earthquake and tsunami in Japan is US$23.6 million. The London-listed, Bermuda-based property reinsurer said its preliminary loss estimate for the March 11 earthquake and tsunami in Japan at US$23.6 million, based on an estimated insured market loss of US$25 billion. “There is still... Read more of this article

Omega: A ‘Baptism Of Fire’ For New Board

Bermuda-based insurer and reinsurer, Omega, today [Mar.8] reported a loss of $42.8 million for 2010, compared with the previous year’s profit of $43.6 million. Gross premium income for the year stood at $356.1 million [2009: $265.8 million] but the firm suffered a loss ratio of 84.4 percent compared with 49.3 percent in 2009. No final dividend was... Read more of this article