Barbican confirms Omega interest

Barbican has revealed that it has approached fellow Lloyd's insurer Omega about a merger.

"The company confirms that it has recently submitted a proposal to the directors of Omega, the key points of which have been shared with certain Omega shareholders, with regards to a potential combination of the two businesses," Barbican said in a stock exchange announcement.

The statement continued: "The aim of the proposed combination is to maintain the existing Lloyd's syndicates of both companies and create efficiencies through capital restructuring and operational synergies."

The company intends to maintain Omega's stock exchange listing if the deal is successful.

Omega has received a number of approaches in recent months. At the end of May, Novae confirmed it was performing due diligence on the company. Canopius revealed in January that it was considering buying the firm.