Omega shareholders expected to make decision in early June
Canopius has made a formal offer to buy Omega Insurance for 67p per share, valuing the company’s issued and to-be-issued share capital at nearly £164m.
Omega’s board has accepted the offer, and has recommended that its shareholders do too. The shareholders are expected to announce a decision in early June.
Omega’s businesses in Lloyd’s, Bermuda and the United States will be rolled into the Canopius Group and rebranded if the deal is approved.
The deal could see Omega’s Bermuda platform re-start third party underwriting, subject to regulatory approval.
Canopius chairman Michael Watson said: “The combination of the two businesses will result in an insurance group with enhanced scale and increased breadth of market offering and presence, including in the United States. We look forward to completing the acquisition of Omega as rapidly as possible.”
Canopius will fund the acquisition from a mixture of new shares in Canopius representing a 30% increase in shareholders’ equity, existing cash resources, and an increase in the group’s letter of credit facility.
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