Novae Group evaluating merits of acquiring Omega Insurance Holdings

Novae Group plc has confirmed in a statement on its Web site it is “currently undertaking due diligence in evaluating the merits of proposing a possible merger” with Omega Insurance Holdings.”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,” the company says on its Web site. “For the avoidance of doubt, there is no certainty that an offer will be forthcoming.”Novae operates at Lloyd’s through its underwriting syndicate, ‘Syndicate 2007′, which is managed by Novae Syndicates Limited (“NSL”). Omega is an international insurance and reinsurance group listed on the London Stock Exchange. Omega became the holding company of the Omega group of companies (the Omega Group) in November 2006. The Omega Group, through its wholly owned subsidiary, Omega Underwriting Agents Limited, acts as a Lloyd’s managing agent for Syndicate 958.