Offer for Lloyd's insurer Omega

Shares in Omega Insurance rose 3 per cent yesterday after the property and casualty insurer said it had received an unsolicited bid approach from its privately owned rival Canopius.

Shares in Omega, which have fallen by a fifth in the past year as the Lloyd's of London member was hit by a string costly natural disasters including the Chilean and New Zealand earthquakes, rose 3p to close at 102.75p, valuing it at £250m.

Omega said: "Whilst any approach which may be in shareholders' interests will be duly considered, the board continues to build the business." It said its largest shareholder, the fund manager Invesco Perpetual – which owns nearly a third of the insurer – was supportive of its position.

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