On March 8th Canopius completed its acquisition by a private equity consortium led by Centerbridge Partners, which includes private investment firm Gallatin Point Capital LLC.
Having received all necessary regulatory consents, Canopius is once again a standalone business, led by Chairman Michael Watson and Group Chief Underwriting officer Mike Duffy.
Canopius has a strong presence in the marine, energy and engineering sector, with the division offering, amongst other products, cargo, hull, specie, liability, US Ocean marine, renewable energy and upstream energy.
Canopius was formed in 2003 and developed into a top-ten insurer at Lloyd’s, writing premium income of more than $1.5bn in 2017. However, its acquisition by Sompo turned out to be a deal which both sides agreed did not work out quite as planned.
Michael Watson said: “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.”
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.”