In a move that will significantly extend its scope, Canopius has announced that its reinsurance company, Canopius Reinsurance Limited, has been granted a Class 4 Reinsurer licence.
The licence comes courtesy of the Bermuda Monetary Authority and the reclassification will allow the business to bolster its gross written premiums and take on more third-party risks. The move will also mark a reorientation of the reinsurer – it will now focus on third party and casualty business amid what it describes as an improving rate environment.
“I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 reinsurer,” said Canopius Re CEO Charles Craigs. “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 now boasts the following Bermuda operations:
- Canopius Re Ltd (Class 4 Reinsurer).
- Canopius Underwriting Bermuda Limited (a coverholder underwriting on behalf of Lloyd’s Syndicate 4444).
- Canopius ILS Ltd. (an insurance agent structuring and raising capital for property catastrophe ILS transactions).
- Multi-Strat Re Ltd. and MultiStrat Advisors Ltd. (Canopius affiliates specialising in prospective and retrospective casualty reinsurance for asset managers and ILS investors).