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Omega Insurance Agrees to Sell 25% of Stock to Haverford Ltd.

Posted on 12 Sep 2011

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Omega Insurance Holdings Ltd., the second-smallest publicly traded Lloyd’s of London insurer, agreed to sell a quarter of the firm to Haverford (Bermuda) Ltd.

Haverford, run by Flagstone Reinsurance Holdings SA founder Mark Byrne, will pay 83 pence a share for 25 percent of the Lloyd’s insurer, Bermuda-based

Omega said today in a statement. That’s a 26 percent premium to Omega’s closing price of 66 pence on Sept. 9.

Byrne will replace John Coldman as chairman for the firm once the transaction has been completed, the statement said.