John Robinson and Fund Management Group plan to remove Pexton as chief executive

Omega Insurance founder John Robinson has been planning to return to the firm with backing by Fund Management Group (FMG), according to the Daily Telegraph.

FMG wants to remove Richard Pexton as Omega chief executive, overhaul the board and get a 15% stake in the insurer.

Robinson and FMG have already spoken about the plans to major Omega investors.

If successful, the investment group would reappoint Robinson to improve Omega’s underwriting.

Robinson co-founded Omega in 1979, and was chief underwriting officer when he left in 2009. He still owns around 7% of Omega shares.