Deal still needs Lloyd’s approval

The Financial Services Authority has approved Bermudan investment firm Haverford’s proposed purchase of 25% of Lloyd’s insurer Omega.

While FSA approval meets one of the offer’s conditions, there are several still outstanding, including the approval of Lloyd’s and the Delaware Insurance Commissioner.

Haverford offered 83p a share for 25% of Omega on 12 September, which was accepted by Omega’s board.

Haverford is one of three companies vying to take over Omega. Lloyd’s insurer Canopius is seeking to buy the whole firm for 83p a share, while another Lloyd’s underwriter, Barbican, is aiming to buy 25% for 84p a share – though on the condition that Omega merges with Barbican.

Haverford is run by Flagstone Re co-founder and former executive chairman Mark Byrne. He is son of insurance manage Jack Byrne, who established global (re)insurance company White Mountains.

If Haverford’s deal is successful, Mark Byrne will become executive chairman of Omega and his father will also take a seat on the board.