Canopius Group Limited has announced that it will sell all of its private shares of Canopius Holdings Bermuda, while retaining its presence on Island, as Tower Group and Canopius Bermuda finalise their merger.
“It is the conclusion of the transaction which saw Tower become a shareholder in Canopius at the same time that Canopius acquired Omega,” Sally Coryn, head of business development and communications at Canopius, toldBermuda:Re.
Canopius acquired Omega Insurance Holdings Limited in August 2012. Coryn said Canopius will rebrand the Omega platform in “due course”, adding that Tower will remain a 10.7 percent shareholder in Canopius Group.
However, the sale does not signal the end of Canopius’s presence in Bermuda.“Once Canopius had acquired Omega, Canopius had two Bermudian platforms (one more than necessary) and therefore agreed to sell its own (Canopius Holdings Bermuda Limited) platform to Tower,” she said.
“The [purchase] completion should coincide with the redomicile of Tower into Bermuda with these institutional shareholders owning in excess of 20 percent of new Tower – as old Tower and Canopius Bermuda join together.”
Canopius, Tower Group, Bermuda, reinsurance, M&A