Omega has ended talks with potential buyers, claiming it has not received a high enough offer. Omega Underwriting manages Syndicate 958 at Lloyd’s, whose underwriter is John Robinson. The syndicate has been one of the most consistently successful in the Lloyd’s market.
The AIM-listed company had received expressions of interest from up to seven insurers but said in a statement to the Stock Exchange that their bids had not recognised the company’s long term value.
Omega chairman Walter Fiederowicz said: “We went into bid talks with an open mind, fully accepting that if a party would pay the right price for our franchise today then we would act accordingly in the best interests of shareholders. Our people and our business have come through quite extensive due diligence in the best light, but we do not believe that bidders’ valuations adequately reflect the value of Omega today and the value of what we are building in Bermuda and in the US. The Board has therefore decided to terminate these discussions at this point in time.”
The statement added that trading has been strong this year and the business is trading in line with expectations.