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by : Alpha Insurance Analysts


(“Omega” or the “Company”)

Clarification statement by Invesco Asset Management Limited ("Invesco") regarding Omega

Invesco notes the statement released by Omega on 7 December 2009 (the "Statement") and wishes to make the following points of clarification.

Discussions have taken place over a number of weeks with a view to achieving a private settlement to the matters referred to in the Company's Statement. Such a settlement did not prove possible.

On 3 December 2009 a copy of a requisition notice requiring the Board of Omega to convene a special general meeting of the Company (the "SGM") was sent to Omega's registered office in Bermuda in accordance with the provisions of section 74 of the Companies Act 1981 of Bermuda (as amended) and Bye-Law 22 of the Bye-Laws of the Company. The proposed resolutions were set out in the Statement. On the same day the Company and its advisers were sent copies of the requisition electronically.

In light of the Company's Statement, concerning the validity of the requisition, Invesco has on 22 December 2009 sent a revised requisition notice requiring the Board of the Company to convene an SGM. The requisition has been sent electronically to the Company and its advisers and is being sent by courier to the Company's registered office. Invesco considers that upon receipt by the Company in Bermuda of the original document the requisition will be legally binding. Invesco believes that the matters set forth in the requisition are of such a nature that they ought to be considered by all of the shareholders of Omega convened in a general meeting.

Invesco wishes to make clear also, for the benefit of staff, customers, brokers and other parties, that this action should be regarded as a statement of support for the business going forward as Invesco believes it is in the best interests of Invesco's investors and in recognition of Omega's excellent underwriting track record.