Bermuda-based specialty reinsurance group MultiStrat is set to be acquired by global specialty re/insurer Canopius.
Canopius’ chairman and Chief Executive Officer, Michael Watson, has welcomed MultiStrat CEO Bob Forness and his team to the group, stating, “With a strong track record in the Casualty ILS market MultiStrat is recognised for innovation and building strong partnerships with investors and reinsurers.”
Watson noted that the addition of MultiStrat will be highly complementary to the company’s existing ILS operations based in Bermuda.
“We’re confident that with active support from Canopius, MultiStrat can broaden its capabilities and grow profitably in the future,” he added.
“As the market and thought leader in optimizing the transfer of casualty risk to the global capital markets, MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’ expertise and resources,” said Forness.
“Chemistry is important in finding the right fit and I’ve had the fortunate opportunity to work with Michael Watson on two prior occasions.
“Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost effective coverage for reinsureds and attractive returns for investors.”
