Canopius has announced its completed acquisition by a private equity consortium that is led by Centerbridge Partners, L.P., and which includes private investment entity Gallatin Point Capital LLC.
After receiving all necessary regulatory approvals to complete the deal, Canopius is again a standalone business that is led by Chairman, Michael Watson and Group Chief Underwriting Officer (CUO), Mike Duffy.
The deal was initially announced in September 2017, when Japanese insurance giant Sompo Holdings decided to offload the Sompo Canopius business in the wake of its acquisition of Bermudian specialty re/insurer Endurance.
Canopius has established itself as a top-ten Lloyd’s of London insurer, and in 2017 wrote premium income of more than $1.5 billion.
Watson, commented: “I am delighted to herald the dawn of an exciting new chapter in Canopius’s journey. This has re-energised our exceptionally talented team who, with the financial strength and insights of our new owners, will continue to pursue our ambition of building a world-class specialty (re)insurance franchise.”
With the support of both Centerbridge and Gallatin Point, Canopius is targeting expansion on scalable platform when market conditions are conducive.
Ben Langworthy and Matthew Kabaker, Senior Managing Directors at Centerbridge, said: “We’re very happy to have completed the investment in Canopius. Working with Michael Watson, Mike Duffy and the Canopius management team over the past few months has reinforced our view that this is a business with strong leadership and a clear strategy for the future.
:We recognise that 2018 marks a milestone year for Canopius being that it is 15 years since its original foundation. We believe Canopius has a great opportunity to build on its outstanding track record and look forward to helping grow the business responsibly.”