Barbican looking for Omega tie-up
Barbican wants a share for share tie-up with Omega in which the enlarged company would keep Omega’s stock market listing, it said in a statement, adding that it had also submitted the plan to some Omega shareholders.
Barbican’s approach to Omega follows a similar proposal from Novae last month, and from privately-held Canopius in January.
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Hide AdLloyd’s of London insurers are seen as ripe for consolidation because falling insurance prices have weighed on their shares, opening up potentially attractive takeover opportunities.
Chaucer accepted a £292m offer from US rival Hanover Insurance in April, while Brit Insurance agreed last year to be bought by private equity firms Apollo and CVC.
Omega’s biggest shareholder is fund manager Invesco Asset Management with a 29.48 per cent stake.