Omega Insurance Holdings said it has yet to agree levels of compensation with former chief executive Richard Tolliday following his departure from the firm last month.

Tolliday was replaced by Richard Pexton, the former Heritage Underwriting Agency chief executive, following the boardroom coup at Omega that was approved at a special general meeting (SGM).

According to the terms of his contract, detailed in Omega's 2009 annual financial statement mailed to shareholders yesterday, Tolliday was entitled to a lucrative pay-off "should be there a change of control of the company and Tolliday's employment is terminated by the company, or he resigns for a good reason, within 12 months of the change of control".

It is thought he would receive a pay-off equivalent to three years' salary, three years' maximum bonus entitlement (150% of salary), the value of two years' benefits and a pro-rata maximum bonus entitlement (150% of salary) in respect of the year in which his employment was terminated.

But a spokesman for Omega told Insurance Day that in spite of the numbers being banded around the market, "no settlement figure has been agreed to and made".

Last year Tolliday took home a salary and fees, including a housing allowance, of $816,000, received a bonus of $200,000, with pension payments of $90,668, taking total annual compensation to almost $1.11m.

Attached to the 2009 financials was a letter to shareholders from Omega's new chairman, John Coldman, who took on the role following last month's SGM.

Coldman said he and Pexton were in the process of meeting the Omega team worldwide and "undertaking a comprehensive review of the business".

Coldman added: "We expect to make a number of further appointments in due course, including the appointments to the audit, remuneration and nomination committees."