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Bermuda-based Omega Insurance Holdings said it had received a takeover approach from rival Canopius. Privately-owned Canopius has offered 65p per share in cash for the entire issued share capital of Omega. The latter said it would now consult with shareholders and make a further announcement "whe
Read moreOmega Insurance Holdings has doubled its pre-tax losses for the full year ended December 31st, prompting it to cancel the dividend. Loss before tax was $94.7m compared to a loss of $42.9m the previous year, on an income of $304.6m (2010: $356.1m) and net revenues of $257m (2010: $261.4m), hit by a
Read moreShares in insurance firm Omega rose on news that Haverford Bermuda is continuing its pursuit to purchase 25% of the firm for 74p per share. On 29 November Haverford made a new partial cash offer, with similar terms to the original offer for 83p per share made in September which lapsed. Under the
Read moreHaverford has decided not to extend its partial offer for up to 60,240,964 shares in Omega Insurance. The firm is now hoping to purchase 25% in Omega, at the lower price of 74p per shares, compared to the previous bidding price of 83p. On Thursday Haverford released a statement warning investors
Read moreThe insurance company Omega says it is considering a takeover offer from privately owned rival Canopius. This comes just a day after Haverford made a partial cash offer for 25% of Omega at 83p per share, a 26% premium to the closing price of the 9th of September. Nevertheless Canopius has made cle
Read moreFor the first set of figures as a company with a main listing, the interims from Cape were a touch underwhelming, according to the Tempus column at the Times. They were greeted with a 6¾p fall in the share price to 480p. Revenues were pretty well flat at £335 million and profits before tax fell by 1
Read moreShares in the Bermuda based underwriter, Omega Insurance, jumped this morning as the latest rumours flew about a takeover bid. The company's shares rose 10% after a report in the Daily Telegraph that an investment group led by the son of U.S. insurance magnate Jack Byrne was in pole position to buy
Read moreLloyd's of London insurer Novae has responded to press speculation and confirmed it is running the rule over its rival, Omega. "In accordance with the group's publicly stated strategy, Novae routinely reviews possible transactions and confirms that it is currently undertaking due diligence in evalu
Read moreInitial estimates at Omega Insurance predict an ultimate net loss of $23.6m from the Japanese earthquake and tsunami. This is based on an estimated insured market loss of $25bn. However, the international insurance and reinsurance firm noted that assessing the impact is still at a very early stage
Read moreShares in Omega Insurance Holdings were pushed higher by news that there are more potential bidders for insurer and reinsurer. In January, Omega said that rival Canopius Group is proposing a cash plus shares offer for the company, which moved into loss in 2010. The Japanese earthquake and other re
Read moreThe nonlife insurance sector has been hit by worries over the possible effects of the Japan earthquake. Omega Insurance, Amlin and Chaucer are suffering losses of 5% or more. The damage caused by the earthquake and possible after-effects are difficult to assess at this stage. Insurance underwrite
Read moreThe top share index was firmly in negative territory at the close of trading, despite M&A excitement concerning Smith & Nephew The joint replacement specialist jumped more than 10% following reports it turned down a bid approach from US rival Johnson & Johnson just before Christmas. Sticking with
Read moreFootsie moved sideways over the lunch time trading session. Mining stocks continue to weigh the blue-chip index down, but oil stocks provide some cheer. A decline in copper imports into commodity-hungry China sent prices for the red metal lower. Kazakhmys, which transports copper from its Kazakhsta
Read moreOmega Insurance Holdings has confirmed press speculation that it has received an unsolicited bid approach from Canopius Group. Canopius is proposing a cash plus shares offer for Omega. Last Friday Omega increased its estimate of the loss is likely to suffer from the New Zealand earthquake from $6.
Read moreShares in gearbox designer Torotrak motored ahead after it reported that its outdoor power equipment joint venture with US group MTD has been replaced with new licensing arrangements, including an additional $1.6m (£1m) in payments to Torotrak. Omega Insurance Holdings has increased its estimate of
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