Omega board faces coup

OMEGA Insurance is under increasing pressure to replace the directors of its board after Invesco Perpetual, its largest shareholder, secured the backing of other investors to request a special general meeting.

Neil Woodford, Invesco's star fund manager, wants to oust Walter Fiederowicz and replace him with former Benfield man John Coldman as chairman of the Lloyd's of London insurer. He also wants to replace Christopher Clarke with James Bryce as Omega's deputy chairman and install four additional directors.

Since Christmas, Jupiter Asset Management, Aviva, Threadneedle, JO Hambro and Omega co-founder John Robinson are understood to have backed Invesco's call.

A spokesperson for Omega was unavailable last night. However in late December the board said it wanted "an outcome that avoids the need for a special general meeting".