LLOYD’S AGENCY OMEGA ANNOUNCES STOCK EXCHANGE LISTING

Lloyd’s managing agency Omega Group will revoke its private status and list on the Alternative Investment Market (AIM) section of the London Stock Exchange next week with a market capitalisation of almost £45m. Shares in the group are being offered at 115p but represent just 44.6% of the total share capital, leaving Omega’s directors with a share of almost 44%. Omega said it would use the proceeds of the listing, expected to generate about £18.2m, to take up additional capacity for its syndicate 958, including that currently supported by Aspen in preparation for renewal of the deal for the 2006 underwriting year. It is also interested in developing the business through investment or acquisition, Omega said. Omega manages syndicate 958 at Lloyd’s, where property insurance and property catastrophe treaty reinsurance together provide half of the syndicates’ premium income balanced by marine, professional indemnity, motor and liability accounts. The company will begin trading on April 6, 2005.