One source close to the takeover process said delays had been caused by
adverse market conditions, with Lloyd’s insurers incurring heavy losses from
catastrophes such as the Japanese earthquake this year.

In March, Omega plunged to a $42.9m (£26.5m) full-year loss. The company was
hit by several catastrophes, such as the Chilean earthquake and the BP oil
spill in the Gulf of Mexico, during 2010. The previous year, Omega reported
a $47.1m profit.

The source added that the company and its advisers, which include Cenkos, were
still hopeful of reaching an agreement with one of the interested parties.

Omega Insurance came to prominence last year when shareholders backed
proposals by Invesco’s star fund manager, Neil Woodford, to oust the
previous board.