Wednesday, June 30, 2010

Omega profits up ahead of key vote

By Jamie Dunkley, City Reporter (Insurance) 901PM GMT eleven March 2010

The Lloyd"s of London insurer, that faces a shareholder rebel at a special ubiquitous assembly on Friday afternoon, saw increase burst to $47.1m (�31.3m) in 2009 compared with $28.2m last year.

The formula counterpart the direction seen opposite the Lloyd"s market, as insurers benefited from softened investment earnings and a soft whirly deteriorate opposite North America.

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The numbers are doubtful to forestall the company"s heading shareholders winning a key opinion on the company"s future.

Neil Woodford, the account physical education instructor who controls 29pc of Omega by Invesco, has called the special assembly to implement 6 house members and force the abdication of five stream house members.

The conflict in between Omega and heading investors has strong given Omega"s owner John Robinson left the association last autumn.

In a matter last week, "certain Omega shareholders" representing 45.5pc of the company"s bottom of investors pronounced they had already corroborated Mr Woodford"s proposals.

Sources close to Omega are right away pinning their hopes on involvement from US regulators. However, it is not well known either the Delaware Insurance Department will take any movement after the opinion is held.

Shares in the association sealed up 1 at 114.5p.

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