Omega shareholder calls for shake-up

LONDON (Reuters) - Lloyd's of London insurer Omega Insurance (OIH.L) said its biggest shareholder, Invesco Asset Management, was pushing to replace the company's chairman amid other sweeping changes to its board.

Invesco, which holds a 29.5 percent stake in Omega, intends to call for an emergency shareholder meeting to vote on the proposed shake-up, Omega said on Monday.

Invesco wants to replace Omega's outgoing non-executive chairman, Walter Fiederowicz, and non-executive director Christopher Clarke, and is also seeking to appoint four additional directors to the board.

Omega said it would resist Invesco's move. "The board is unanimous that these proposals are not in the best interests of shareholders," a spokesman said. "The company continues to trade well. This action by Invesco can only damage the business."

Invesco declined to comment.

Omega shares were unchanged at 117.5 pence by 1:40 p.m., valuing the company at about 286 million pounds.

(Reporting by Myles Neligan)