Haverford has submitted a fresh bid for Lloyd’s insurer Omega.
The latest twist in the long running battle for control of the Lloyd’s insurer saw Haverford inform the London Stock Exchange this morning that it has submitted a 74p per share offer for Omega.
Haverford’s previous offer for Omega, which priced the shares between 70p and 83p, lapsed last week.
In this morning’s stock exchange announcement, Haverford said it had made a fresh indicative proposal to Omega on November 29th, which had been submitted in light of what it described as a “very significant and unexpected deterioration in the financial position of Omega.”
In its third quarter results, published on November 18th, Omega announced that its gross written premium (GWP) for the first nine months of 2011 dropped by 16% to $285.5 million, compared to $308.5 million for the same period in 2010.
Haverford said this morning that Omega has so far not responded to its latest proposal and that a meeting arranged between the two companies for 8th December had been cancelled by the Lloyd’s insurer at short notice.