Bid target Omega on the up as another suitor joins chase

Omega shares jumped today as takeover talk surrounding the company kept swirling.

The insurer has been in play since January when Canopius said it was minded to make a bid. Since then Barbican Insurance has thrown its hat into the ring.

Now Mark Bryne, son of US insurance magnate Jack Bryne, seems to be in the running.

Omega declined to comment today beyond noting that it has "received a number of approaches" and that it aims to "conclude the process shortly".

Results for the half year show it is not having an easy time.

Losses before tax came in at $49.1 million (£30.1 million) compared to a loss of $34.2 million in the first half of 2010. It has been hit with $51.3 million of catastrophe losses but claims this is generally less than its peers.

The company said that there would be no dividend for the first half of the year.