Tolliday serves writ against Omega 10 months after departure

Lloyd's insurer Omega is being sued by former chief executive Richard Tolliday, Insurance Times can reveal.

Tolliday's lawyers filed the writ in London's High Court against Omega Insurance Holdings Limited last month, although details of the claim have not yet been disclosed.

It comes less than a year after he was forced out in a bitter boardroom battle.

Bermudian-based Omega removed Tolliday in March following a boardroom overhaul which led to the appointment of six new directors, backed by its biggest shareholder, Invesco.

Tolliday was understood to be negotiating a settlement in the wake of his departure. Tolliday earned around $1.1m in salary and benefits in 2009, according to Omega's annual report.

Last month, Omega received an "unsolicited approach" from Canopius proposing to buy the company.

Read the full story online tomorrow and in print Thursday.