Till Capital completes Omega acquisition
Bermuda-based Till Capital has completed its acquisition of Toronto-based insurance provider Omega Insurance.
The acquisition includes Omega’s subsidiary companies Omega General Insurance Company and Focus Group.
At closing, Till paid Omega shareholders approximately $14.7 million, representing 95 percent of 1.2 times book value as at September 30, 2014.
Philip Cook will continue to hold the position of chief executive officer (CEO) of Omega.
William Sheriff, chairman and CEO of Till Capital, said: "We are excited to move forward with the combination of Omega's insurance industry expertise and our company's investment and technical teams.
“This foundation for growth provides a unique platform combining a proprietary equity and investment strategy with an insurance company offering unique products and services. This acquisition represents a major step in solidifying our position in the insurance/reinsurance industry."
Cook added: ”We are very pleased that the transaction has now received the necessary approvals, which brings new and exciting opportunity for both of our organisations.
“The property casualty insurance industry is in a constant state of change, and we look forward to expanding our operations to produce enhanced products and services for our clients and policyholders, along with sustainable profitability for all stakeholders."