Update re recommended cash acquisition

17 August 2012

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction

OMEGA INSURANCE HOLDINGS LIMITED

SATISFACTION OF REGULATORY CONDITIONS AND EXPECTED ACQUISITION EFFECTIVE DATE

Omega Insurance Holdings Limited ("Omega" or the "Company") announces that it has received confirmation from Canopius Group Limited ("Canopius") that all regulatory conditions to the Acquisition of Omega by Canopius have now been satisfied.

The Acquisition remains subject to the issue, by the Registrar of Companies in Bermuda, of a Certificate of Amalgamation pursuant to the Bermuda Companies Act. It is anticipated that, in the absence of unforeseen circumstances, the Certificate of Amalgamation will be issued at or around 6pm (London time), 20 August 2012 and that the Acquisition will be declared effective at that time.

Application will be made to the UK Listing Authority requesting cancellation of: (a) trading in Omega Common Shares on the London Stock Exchange's Main Market for listed securities; and (b) the listing of Omega Common Shares on the official list of the Financial Services Authority. 

It is expected that the last day of trading in Omega Common Shares will be 20 August 2012. Delisting is expected to take place at 8.00 a.m. on 21 August 2012.

As set out in the expected timetable of principal events contained in the circular sent to shareholders on 14 May 2012 (the "Circular") the despatch of cheques in respect of the consideration and settlement through CREST will occur within 10 business days of the Acquisition Effective Date.

Unless the context otherwise requires, terms defined in the Circular but not defined herein have the same meaning when used in this announcement.

Enquiries:

Omega Tel: +44 (0) 20 7767 3000

John Coldman, Chairman

Richard Pexton, Chief Executive

Kinmont Tel: +44 (0) 20 7087 9100

(Joint financial adviser to Omega)

John O'Malley

Mat Thackery

Cenkos Tel: +44 (0) 20 7382 7800

(Joint financial adviser to Omega)

Ian Soanes

Haggie Financial Tel: +44 (0) 20 7417 8989

(PR adviser to Omega)

David Haggie

Juliet Tilley