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Omega Insurance calls meeting to resolve shareholder dispute

Published on 11 Mar 2010 under category: legal

One of Britain's biggest insurers is set to host a special general meeting as it looks to resolve a shareholder dispute.

Omega Insurance Holdings, which covers Lloyd's of London, has reported a 67 per cent rise in annual profits, thanks largely to significant growth in its US and Bermudian operations over the past 12 months.

Despite this, the group's largest shareholder, Invesco Management, is still pushing for wholesale changes to be made at board level, Reuters has reported.

Most notably, Invesco is calling for two of Omega's main directors to step down, , with a new chairman also having been put forward.

However, with these calls being resisted, a special general meeting has been arranged for the end of the week in a bid to resolve the high-profile shareholder dispute.

Towards the end of last month, Omega Insurance directors warned that the planned boardroom coup could be in breach of corporate governance guidelines.

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