Reinsurance News

Re/insurer Canopius exploring IPO at valuation of more than £2bn: reports

19th January 2021 - Author: Luke Gallin

Global specialty insurer and reinsurer, Canopius Group, is reportedly in discussions about a potential public offering that could value the Lloyd’s of London player at over £2 billion (USD 2.7bn), according to Sky News.

canopius-logoPreviously known as Sompo Canopius AG, the specialist re/insurer was acquired in 2017 by a consortium of investors led by private equity and credit specialist, Centerbridge Partners, L.P., for $952 million.

Now, the Lloyd’s re/insurer is reportedly in discussions with banks about a potential initial public offering (IPO) that could take place in the months ahead.

Citing city sources, Sky News has said that a listing on the London Stock Exchange (LSE) could value the company at more than £2 billion, which represents a significant increase from what the consortium paid in September of 2017.

According to reports, “plans are being drawn up amid a flurry of investment in the sector.”

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The fourth-largest insurer at the specialist Lloyd’s insurance and reinsurance marketplace, Canopius operates out of Australia, Bermuda, the U.S., China, and London.

In October of 2019, the firm completed its merger with AmTrust’s Lloyd’s operations and in March 2020, announced plans to acquire Bermuda-based specialty reinsurance group, MultiStrat.

Just last week, Canopius Re, the firm’s Bermuda domiciled reinsurer, secured a Class 4 Reinsurer licence from the Bermuda Monetary Authority (BMA).

When approached, a spokesperson for Canopius declined to comment on any potential IPO plans, reports Sky News.

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