Bermuda-based Omega Insurance Holdings has replaced its chief executive officer following a boardroom battle that brought in six new directors.

The new CEO is Richard Pexton, formerly CEO of Argo Group's Lloyd's platform, Heritage Underwriting Agency.

Mr. Pexton succeeds Richard Tolliday, who is no longer a director of the company.

Earlier this month, two Bermuda insurance stalwarts, ex-IPC CEO Jim Bryce and AAA Solutions director Robin Spencer-Arscott were among the host of new directors elected to the board after a coup led by the company's major investor, Invesco.

In a notification issued in December last year, 29.5 percent stakeholder Invesco called for John Coldman, a former Benfield chairman, to take over as chairman and five other directors to be drafted in.

Omega encouraged shareholders not to back the unusual request, but the vote was overwhelmingly in Invesco's favour.

New directors joining Mr. Coldman, Mr. Bryce and Mr. Spencer-Arscott are Jonathan Betts, Ernest Morrison and David Cooper. Mr. Pexton also becomes a director.

London-listed Omega reported a 67 percent rise in pre-tax profit to $47.1 million last year, helped by a benign US hurricane season.

Mr. Pexton started his career as a trainee at Lloyd's and in 1979, joined BF Caudle Agencies to develop a property facultative account. He also assumed responsibility for its US international treaty reinsurance business and in 1985, became deputy underwriter and a board member. In 1992, he joined Cox Insurance plc., which managed one of the five-largest syndicates at Lloyd's and became an active underwriter and a board member there.

In 2002, he joined Heritage In 2002, he joined HeritageManaging Agency as CEO, successfully launching an initial public offering of the Heritage business on the London Stock Exchange in 2006, before becoming CEO of Heritage Underwriting Agency plc. In 2008, Mr. Pexton was "instrumental" in the sale of Heritage to Argo Group, at more than double the IPO valuation, Omega said.

He left the business in December 2008 and remained on leave until the end of 2009.

Invesco is a global investment management company with $423.1 billion in assets under management as of December 31.

Omega writes short-tail property insurance and reinsurance — including operating a Lloyd's syndicate — from offices in Bermuda, United States, London and Cologne.