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Omega shareholders demand fixed price from Byrne

Shareholders of Bermuda-based insurer Omega Insurance Holdings Ltd are asking former Flagstone Re chairman Mark Byrne to pay a fixed price of 83 pence per share for a 25 percent stake in the company, the Sunday Times reported. Omega founder John Robinson, Omega’s fourth-largest investor, has said the insurer is making an “appalling” decision to sell the stake to Byrne, chairman of Haverford (Bermuda) Ltd, at prices that may be less than 83 pence, the newspaper said, citing Mr Robinson. Shareholders also have questioned whether Omega put the interests of Invesco Perpetual, the firm’s largest investor, first, the Sunday Times said, citing Ruth Keattch, a fund manager at Artemis Investment Management, the third-largest shareholder. Alternative bids from Lloyd’s insurers Canopius and Barbican have been rejected by the Omega board, leaving Mr Byrne’s Haverford as only survivor in the bidding war for the company.

Mark Byrne