Offer Update

29 November 2011

Not for release, publication or distribution, in whole or in part, directly or indirectly, in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

Omega Insurance Holdings Limited

Partial Cash Offer for up to 60,240,964 of the common shares of Omega Insurance Holdings Limited ("Omega" or the "Company") by Haverford (Bermuda) Limited ("HBL")

Offer Update

The board of directors of Omega notes the recent press speculation regarding the HBL partial cash offer (the "Offer"). The Omega Board has been notified by HBL that it considers that the Offer will lapse on 30 November 2011. Furthermore, HBL has communicated the possibility of a new proposal at a fixed price or at a range with lower cap and floor prices than the current Offer. However, as yet no such new proposal has been received.

In any event, as far as the Omega Board is aware, none of the conditions of the Offer has been breached and there has been no assertion from HBL of any breach. The Offer is available for acceptance until 1.00 p.m. (London Time) on 30 November 2011. The Omega Board knows of no reason why, if the minimum level of tenders is achieved, the Offer would lapse and considers that, per the Offer Document, if the remaining conditions were fulfilled by midnight on the 21st day following the Closing Date, the Offer would become unconditional in all respects.

The Omega Board will engage with HBL in order to clarify HBL's position in relation to the Offer and will make further announcements as appropriate.

Contacts:

Kinmont Tel: +44 (0)20 7087 9100

John O'Malley

Mat Thackery

Cenkos Tel: +44 (0)20 7382 7800

Ian Soanes

Haggie Financial Tel: +44 (0)20 7417 8989

David Haggie

Juliet Tilley

Defined terms used in this announcement have the meanings given to them in the Company's announcement of 12 September 2011.

Notes to Editors 

Omega is incorporated and its registered office is in Bermuda. Accordingly, Omega is not subject to the provisions of The City Code on Takeovers and Mergers (the "Code"). However, Omega's Bye-laws adopt certain of the provisions of the Code including provisions dealing with compulsory takeover offers and shareholder treatment along the lines of the general principles as set out in the Code, which are to be administered at the discretion of the Board.

Omega confirms that as at the close of business on 28 November 2011 its issued share capital consisted of 244,229,862 common shares of US$0.10 each.

 The International Securities Identification Number for Omega common shares is BMG6765P1095.