Omega finds new chief after investor revolt

Lloyd's of London insurer Omega today appointed industry veteran Richard Pexton as its new chief executive as the firm rebuilds its board following last week's shareholder revolt.

Omega said Pexton, a former boss of Heritage Underwriting Agency who has been on gardening leave since leading the sale of the firm to Argo Group last year, would start work immediately.

His appointment came after shareholders, including Aviva, backed Invesco Asset Management's call to sack key figures on Omega's board at a special general meeting in Bermuda last Friday.

At the time John Coldman, the former chair of the board at reinsurer Benfield, was voted in to replace Walter Fiederowicz as chairman.

Coldman today said Pexton was a "highly experienced industry professional with a proven track record", who would bring stability and leadership to the Omega team.

Alongside Fiederowicz, the Competition Commission's deputy chairman Christopher Clarke and four other board members were kicked out by shareholders last week, in a revolt sparked by the October departure of Omega's founder John Robinson.

Last week, Omega posted a 67% rise in annual profit to $47.1 million (£30.8 million) in 2009.