Lloyd’s insurer takeover talks end

Mark Byrne

Bermudian reinsurer Haverford has withdrawn its offer buy a stake in Lloyd’s insurer Omega Insurance after the two sides failed to agree on a price.

Haverford, led by Mark Byrne, told the London Stock Exchange this morning that it informed the Omega board on 21 December that it was pulling out of all talks over buying a 25% stake in the company.

“All negotiations and discussions relating to a possible transaction in Omega shares have been terminated,” the statement said.

Omega shareholders had agreed to sell Byrne the stake for 83p per share last month, valuing the company at about £200m.

But Byrne’s Haverford then tabled a new offer at 74p per share, saying its previous bid had lapsed. Haverford raised concerns about Omega’s finances after the company reported large catastrophe-related losses in a November trading update.

Byrne had planned to become Omega’s executive chairman.