Rebels get board changes at Omega

Invesco Asset Management, which controls 29% of Omega Insurance Holdings, has been successful in getting five new non-executive directors on the board of the Bermuda-based insurance underwriter at today's special general meeting. Omega's joint broker Cenkos is also behind the proposed changes and it has been suggested that it asked Invesco Asset Management to requisition a special general meeting. Invesco says that it did not pick the new directors. John Coldman, James Bryce, Robin Spencer-Arscott, Jonathan Betts, David Cooper and Ernest Morrison have all been appointed as non-executive directors. Walter Fiederowicz, Christopher Clarke, Clifford Palmer, Coleman Ross and Nicholas Warren have stepped down from the board. The board changes have been followed by the Delaware Department of Insurance, which called a public hearing for 10 March to consider the disclaimer of control which the Delaware Department of Insurance originally granted to Invesco Asset Management in relation to Omega US Insurance, Inc.According to Omega: "The decision of the Delaware Department of Insurance is not yet available and a further announcement will be made once the decision is available". Orascom Inv