Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Novae Group Withdraws Bid for Lloyd’s of London Rival Omega

June 30 (Bloomberg) -- Novae Group Plc, a Lloyd’s of London insurer, said it has withdrawn from merger talks with smaller rival Omega Insurance Holdings Ltd. without giving a reason for the decision.

“It is unlikely a transaction can be structured at this stage which is demonstrably in Novae’s shareholders’ interests,” the London-based insurer said today in a statement. An Omega spokeswoman, Juliet Tilley, declined to comment.

Novae had been bidding with fellow Lloyd’s insurer Barbican Group Holdings Ltd. for Omega, the smallest publicly traded firm in the London market. Stagnant premium rates caused by excess capital has prompted a flurry of acquisition and merger attempts in the past year with Brit Insurance Holdings NV being sold to private-equity firms and Hardy Underwriting Bermuda Ltd. rejecting an approach from Beazley Plc.

Novae rose 0.4 percent to 353.5 pence a share at 3:46 p.m. in London trading. Omega was up 2.6 percent to 80 pence.

To contact the reporter on this story: Kevin Crowley in London at

To contact the editor responsible for this story: Edward Evans at;

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.