Insurer examines merger
By Sudip Kar-Gupta |
June 1, 2011, Wednesday
|
Print Edition
Print Edition
LLOYD'S of London insurer Novae is examining a merger with rival Omega, in a deal which could create an enlarged group with a combined market capitalization of some 420 million pounds (US$692 million).
"In accordance with the group's publicly stated strategy, Novae routinely reviews possible transactions and confirms that it is currently undertaking due diligence in evaluating the merits of proposing a possible merger with Omega," Novae said in a statement yesterday.
Novae added there was no certainty it would make an offer for Omega.
An Omega spokeswoman said the company had no comment on Novae's proposal.
Takeover activity has picked up in the Lloyd's of London insurance market in recent months as companies grapple with losses from a wave of natural catastrophes, the latest being the earthquake and subsequent tsunami that hit Japan in March.
In January Omega received a bid approach from privately-owned rival Canopius and it then received further bid approaches from other parties, whom the company declined to identify.
"In accordance with the group's publicly stated strategy, Novae routinely reviews possible transactions and confirms that it is currently undertaking due diligence in evaluating the merits of proposing a possible merger with Omega," Novae said in a statement yesterday.
Novae added there was no certainty it would make an offer for Omega.
An Omega spokeswoman said the company had no comment on Novae's proposal.
Takeover activity has picked up in the Lloyd's of London insurance market in recent months as companies grapple with losses from a wave of natural catastrophes, the latest being the earthquake and subsequent tsunami that hit Japan in March.
In January Omega received a bid approach from privately-owned rival Canopius and it then received further bid approaches from other parties, whom the company declined to identify.
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