Six new non-executive directors are backed by investers despite wider concerns
The bitter boardroom battle at Omega Insurance concluded last week with the election of six new directors.
A special general meeting held last Friday approved the appointment of John Coldman, James Bryce, Robin Spencer-Arscott, Jonathan Betts, David Cooper and Ernest Morrison as non-executive directors of the insurer. Coldman takes over as chairman.
Existing directors Walter Fiederowicz, Christopher Clarke, Clifford Palmer, Coleman Ross and Nicholas Warren all stepped down.
The motion, backed by Omega’s biggest investor, Invesco, was passed despite widespread uncertainty over the direction of the Bermuda-based insurer and earlier concerns over the make-up of the board. Three of the new directors are partners at law firm Cox Hallett Wilkinson, which is retained by Invesco.
The vote followed the release of Omega’s annual results in the same week, which showed pre-tax profits up 67% to $47.1m – from $28.2m in 2008 – based on gross written premium of $265.8m, virtually unchanged from $265.4m in 2008.