Bermuda-based Omega Insurance Holdings faces a shareholder vote today on major board changes that could see two Bermuda insurance veterans added to its directors.

Invesco, its largest shareholder, is seeking to remove chairman Walter Fiederowicz and Christopher Clarke as directors and to appoint six additional directors, who would together control the board.

Among those Invesco wants to bring in are former IPC Holdings CEO Jim Bryce, who retired last year before the company was taken over by Validus Holdings, and Robin Spencer-Arscott, of AAA Risk Solutions Ltd.

In a notofication issued in December last year, Invesco called for John Coldman, a former Benfield chairman who left after the reinsurance broker was acquired by Aon, to take over as chairman.

Mr. Bryce was named as the prospective replacement for Mr. Clarke.

The vote comes after London-listed Omega yesterday reported a 67 percent rise in pre-tax profit to $47.1 million for the year to December, against the previous year's $28.2 million, helped by a benign US hurricane season.

Gross premium income was flat at $265.8 million compared with $265.4 million in 2008.

Omega said it had seen significant growth in new operating platforms in Bermuda and the US, offset by reductions in its share of Syndicate premium.

Combined ratio was 81.4 percent against the previous 101.4 percent. Investment return fell to 2.8 percent from 5.8 percent.

CEO Richard Tolliday said: "Omega delivered a strong performance in 2009, with a notable underwriting contribution and healthy margins on a historic basis, whilst maintaining our prudent approach to reinsurance buying and investment.

"We have continued to drive outstanding performances from our US and Bermuda platforms, while in the UK we have more than doubled our underwriting capacity in Lloyd's Syndicate 958 for the 2010 account.

"All of these developments put us in a very favourable position to move positively into 2010 and beyond."