Omega receives Barbican proposal

The privately owned insurance firm Barbican has become the third company declare an interest in Omega, the Lloyd's of London insurer which unveiled a proposal from rival group Novae last month .

Back in January, Omega received a bid approach from another private peer, Canopius.

The Barbican proposal envisages a share-for-share deal that would see Omega maintain its current stock market listing. "The aim of the proposed combination is to maintain the existing Lloyd's syndicates of both companies and create efficiencies through capital restructuring and operational synergies," Barbican said.