Canopius announces that its Bermuda-based reinsurance company Canopius Reinsurance Ltd. has obtained a Class 4 reinsurer license from the Bermuda Monetary Authority.
The reclassification will significantly expand Canopius Re’s reach, allowing it to increase gross written premiums and underwrite more third party risk. This marks a reorientation of the reinsurer, which will initially focus on third party damage activities, reflecting the opportunities created by the improvement in the rating environment.
Class 4 reinsurers are the largest reinsurers regulated by the BMA and must maintain minimum capital and a surplus of $ 100 million.
Canopius Re’s status as a Class 4 company will significantly increase Canopius’ business in Bermuda, which includes:
- Canopius Re Ltd.
- Canopius Underwriting Bermuda Ltd. (an underwriting coverholder in the name of Lloyd’s Syndicate 4444)
- Canopius ILS Ltd. (an insurance agent structuring and raising capital for ILS real estate disaster transactions)
- Multi-Strat Re Ltd. and MultiStrat Advisors Ltd. (Canopius subsidiaries specializing in prospective and retrospective P&C reinsurance for asset managers and ILS investors)
“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 growing appetite for underwriting and the group’s growing commitment. in the Bermuda market, ”said Charles Craigs, CEO of Canopius Re.
Canopius is a global specialty re / insurer with underwriting operations in Australia, Bermuda, China, Singapore, UK and US, underwriting through Lloyd’s Syndicates 4444 (managed by Canopius Managing Agents Ltd.), a surplus line insurer in the United States (Canopius US Insurance Inc.) and Canopius Reinsurance Ltd.
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