London insurer Canopius Group Ltd confirmed yesterday that it has made an all-cash offer for Bermuda-based insurer Omega Insurance Holdings Ltd.The British company said it completed its due diligence on Omega on September 30 and made the offer to the Omega board last Thursday.“The Canopius offer is conditional upon certain Omega shareholders reinvesting a substantial portion of their cash proceeds into a new issue of Canopius shares,” the Canopius statement read.Omega also put out a statement yesterday, saying: “That requirement is outside the control of the Omega Board and may or may not be met.”The Canopius statement concluded: “Discussions with the Omega board and those shareholders are continuing and Canopius anticipates announcing the outcome shortly.”Omega had previously announced an agreement with former Flagstone Re chairman Mark Byrne’s investment vehicle Haverford Bermuda Ltd (HBL), which was seeking to buy a 25 percent of Omega’s shares and install Mr Byrne as executive chairman. Lloyd’s insurer Barbican has since thrown its hat into the ring as well.“With respect to the HBL Offer, the Board has discussed with HBL and its advisers the issues that have been raised by certain of Omega's shareholders regarding the terms of the tender offer,” Omega stated. “The board continues to have a dialogue with all three parties.”