Omega confirms takeover approaches as shares rocket – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Omega confirms takeover approaches as shares rocket

Shares of Bermuda-based insurer Omega Insurance shot up 18 percent today, as the insurer confirmed that more than one company has expressed interest in taking it over.

Omega received a bid approach from privately-owned rival Canopius in January and yesterday the UK press speculated that US-based Delphi Financial Services had made a formal approach.

Late this afternoon, Omega released a statement to confirm that it had received approaches from parties that it did not name.

“The directors will review these approaches in the context of the best interests of the business, the shareholders and staff,” the Omega statement read.

“Discussions with the parties concerned are at an early stage and there is no certainty that an offer will be forthcoming, nor as to the terms of any such offer. A further announcement will be made when appropriate.”

Earlier this month, Omega announced a wider-than-expected full-year loss of $42.8 million, as a string of catastrophe loss events took their toll.

Omega's shares climbed 14p to close at 92p in London Stock Exchange trading today.

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Published March 18, 2011 at 2:00 am (Updated March 18, 2011 at 5:32 pm)

Omega confirms takeover approaches as shares rocket

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