Last checked at 19 Mar 2010 09:50
Omega Insurance Holdings Limited
Press Release
19th March 2010
Richard Pexton appointed Chief Executive Officer
The Board of Omega Insurance Holdings Limited ("Omega" or "The Company") today announces that Richard Pexton, former CEO of Heritage Underwriting Agency PLC, will become CEO and joins the Omega Board with immediate effect. He replaces Richard Tolliday, who has ceased to be a director of the Company.
John Coldman, Chairman of Omega, said:
"Richard Pexton is a highly experienced industry professional with a proven track record of managing and developing insurance businesses. Richard and I will bring stability and leadership to the Omega team."
The publicly quoted company of which Richard Pexton has been a director in the past five years is Heritage Underwriting Agency PLC.
There are no further details required to be disclosed under Sections 9.6.13 R(1) to (6) of the UKLA Listing Rules in respect of Richard Pexton's appointment.
ENDS
FURTHER INFORMATION:
David Haggie or Juliet Tilley
Haggie Financial +44 (0)20 7417 8989
NOTES TO EDITORS:
Richard Pexton
An insurance industry veteran, Richard Pexton started his career as a trainee at Lloyd's and in 1979 joined B F Caudle Agencies to develop a property facultative account. He also assumed responsibility for its US international treaty reinsurance business and in 1985 became Deputy Underwriter and a Board member. In 1992, he joined Cox Insurance PLC, which managed one of the five largest syndicates at Lloyd's and for which Richard was Active Underwriter and a Board member.
In 2002, he joined Heritage Managing Agency as CEO, growing the business from £100 million to £400 million gross written premium, producing double-digit return on capital throughout his tenure. He was successful in the flotation of the Heritage business on the London Stock Exchange in 2006, becoming CEO of Heritage Underwriting Agency PLC. In 2008, he was instrumental in its sale to Argo Group, at more than double the IPO valuation. He left the business in December 2008 and remained on gardening leave until the end of 2009.
The Board of Omega Insurance Holdings Limited will now consist of:
John Coldman, Chairman
Richard Pexton, Chief Executive Officer
Penelope James, Chief Financial Officer
James Bryce, Non-executive Director
Robin Spencer-Arscott, Non-executive Director
Jonathan Betts, Non-executive Director
Ernest Morrison, Non-executive Director
David Cooper, Non-executive Director