Statement re Omega Insurance Holdings Limited

27 September 2011

Canopius Group Limited

Statement Regarding Omega Insurance Holdings Limited ("Omega")

Further to the announcement on 13 September 2011 of its indicative proposal to acquire, for cash, all of the issued and to be issued share capital of Omega for 83p per share, Canopius Group Limited ("Canopius") confirms that it expects to complete its confirmatory due diligence process by 30 September 2011.

Canopius would expect to make a formal offer very shortly after completion of due diligence. This would enable a shareholder vote on the Canopius proposals in mid-November 2011.

Commenting, Michael Watson, Chairman of Canopius, said: "We are encouraged by the feedback from a wide range of institutional shareholders, a significant number of whom have expressed interest in a full cash bid. We intend to complete our due diligence this week and expect to be in a position to table our bid very soon thereafter."

This announcement does not constitute a commitment to proceed or a firm intention to make an offer and there is no certainty that an offer will be made.

Enquiries:

Canopius

Tel: +44 (0)20 7337 3700

Michael Watson, Chairman

Keefe, Bruyette & Woods

(Joint financial adviser to Canopius)

Tel: +44 (0)20 7663 5421

Stephen Howard

Aon Benfield Securities

(Joint financial adviser to Canopius)

Tel: +44 (0)20 7578 7476

Andrew Beecroft

Citigate Dewe Rogerson

(PR adviser to Canopius)

Tel: +44 (0) 20 7638 9571

Mobile: +44 (0) 7973 611 888

Anthony Carlisle