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Omega shares rise 18% on takeover bid

Shares of Bermuda-based Omega Insurance shot up 18 percent on Friday, as the insurer confirmed that more than one company has expressed interest in taking it over.Omega received a bid from privately-owned rival Canopius in January and on Friday the UK press speculated that US-based Delphi Financial Services had made a formal approach.Late this afternoon, Omega released a statement to confirm that it had received approaches from parties that it did not name.“The directors will review these approaches in the context of the best interests of the business, the shareholders and staff,” the Omega statement read.“Discussions with the parties concerned are at an early stage and there is no certainty that an offer will be forthcoming, nor as to the terms of any such offer. A further announcement will be made when appropriate.”Earlier this month, Omega announced a wider-than-expected full-year loss of $42.8 million, as a string of catastrophe loss events took their toll.The company wrote gross premiums of $356.1 million last year and the surge in its stock price on Saturday boosted its market capitalisation to around £224 million ($363 million).Omega’s shares climbed 14p to close at 92p in London Stock Exchange trading on Friday.The company went through a year of upheaval last year after it ousted directors including chairman Walter Fiederowicz in May at the request of its biggest shareholder, Invesco Asset Management Ltd.