Canopius’ Bermuda-based reinsurance company Canopius Re has secured a Class 4 Reinsurer licence from the Bermuda Monetary Authority.
This reclassification makes it possible to significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks.
Canopius Re is set to undergo a reorientation towards an initial focus on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.
Charles Craigs, Chief Executive Officer, Canopius Re, said, “I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 Reinsurer.
“All Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace.
“I would like to thank our team for their many efforts, and the BMA for recognising that and enabling us to ideally position the business to capitalise on the considerable opportunities that exist.”
Canopius Re’s status as a Class 4 company will considerably add to Canopius’s Bermuda operations, which includes a Class 4 Reinsurer, a coverholder underwriting on behalf of Lloyd’s Syndicate 4444,
an insurance agent structuring and raising capital for property catastrophe ILS transactions, and two Canopius affiliates specialising in prospective and retrospective casualty reinsurance for asset managers and ILS investors.