Statement re. Press Comment

PRESS RELEASE

FOR IMMEDIATE RELEASE

10 January 2011

Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.Omega Insurance Holdings Limited("Omega" or the "Company")Statement Re Press CommentThe Directors of Omega have noted the recent press comment in relation to a possible offer for the Company from Canopius Group Limited ("Canopius"). The Company confirms that it has received an unsolicited approach from Canopius proposing an offer comprising a mixture of cash and unquoted share consideration. There is no certainty that an offer will be forthcoming, nor as to the terms of any such offer. Whilst any approach which may be in shareholders' interests will be duly considered, the Board continues to build the business. The Board has consulted with Invesco Perpetual, the Company's largest shareholder, who is supportive of that position. A further announcement will be made if appropriate. -ENDS-ContactsJohn O'MalleyKinmontTel: +44 (0)20 7087 9100 Ian SoanesCenkosTel: +44 (0)20 7397 8900 David Haggie / Juliet TilleyHaggie FinancialTel: +44 (0)20 7417 8989Notes to EditorsOmega 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, the Company'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 7th January 2011 its issued share capital consisted of 243,479,862 common shares of US$0.10 each. The International Securities Identification Number for Omega common shares is BMG6765P1095.