Plotters against current management silent on future plans

AM Best has placed the ratings of Omega, Omega Specialty Insurance Company Limited and Omega US Insurance, under review with negative implications because of the “uncertainty regarding Omega's board composition, operational management and future strategy".

Omega claims AM Best asked for a meeting with Invesco Perpeptual’s proposed new chairman for Omega, John Coldman, but Coldman refused.

Richard Tolliday, CEO of Omega, said: "We have kept in close contact with AM Best throughout the recent months but unfortunately, as was made clear in the SGM circular published by Omega on 18 February, the Board has been provided by Mr Coldman with only limited information that we have been able to pass on to AM Best.

“Their decision to put the ratings under review has been prompted by uncertainty about any future Board's actions and not by any concerns about current trading or Omega's current financial strength.

Lloyd’s rating unchanged

“Omega is a strong business with a strong track record and a robust balance sheet. Syndicate 958's Best rating of "A" (Excellent) remains unchanged at the Lloyd's market level. All of Omega's operating units will continue to provide the consistency and quality of service expected by their clients."