Canopius has confirmed that its Bermuda-based holding company will move its head office to Switzerland as part of a wider restructuring revealed by its parent company Sompo Japan Nipponkoa Holdings in January this year.
But it has also stressed that there will be no job losses on Bermuda as a result and there will be no impact on its underwriting operations in Bermuda, which are carried out through Canopius Underwriting Bermuda, a wholly-owned underwriting agency which operates as a Lloyd's-approved coverholder for Syndicate 4444.
A spokesperson said the move was part of wider changes intended to streamline and simplify the corporate structure.
Canopius was acquired by Japanese insurance giant Sompo Japan Nipponkoa Holdings for $594 million in 2013. Canopius owns two companies in Bermuda: Canopius Reinsurance and Canopius Underwriting Bermuda.