Omega founder says insurer is making an “appalling” decision

Mark Byrne

Lloyd’s insurer Omega’s shareholders are asking buyer Mark Byrne to pay a fixed price of 83 pence per share for a 25% stake in the company, the Sunday Times reported.

Omega founder John Robinson, Omega’s fourth-largest investor, has said the insurer is making an “appalling” decision to sell the stake to Byrne, chairman of Haverford (Bermuda) Ltd, at prices that may be less than 83 pence, the newspaper said.

Omega named Haverford as its favoured bidder earlier this month after turning down advances from Barbican and Canopius.

Shareholders also have questioned whether Omega put the interests of Invesco Perpetual, the firm’s largest investor, first, the Sunday Times said, citing Ruth Keattch, a fund manager at Artemis Investment Management, the third-largest shareholder.

Byrne is set to become executive chairman of Omega should the deal be concluded.

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