Specialty re/insurer Canopius - which operates in the UK, Ireland, Netherlands, Switzerland, Bermuda, the US and Singapore, has signed a deal to merge its Lloyd’s business with AmTrust at Lloyd’s.
The transaction is expected to close in the third quarter of 2019, which Canopius suggests will create a top five insurer at Lloyd’s with combined premiums of around $2.2 billion.
From January 1, 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of this deal, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.
“I am delighted at the prospect of welcoming our talented new colleagues from AmTrust at Lloyd’s,” said Canopius chairman Michael Watson. “Today’s announcement marks a transformational step in our determination to build a leading Lloyd’s franchise. The AmTrust at Lloyd’s business brings significant underwriting expertise, product diversification, and scale to the Canopius portfolio. Together we will broaden the product and service proposition we offer our highly-valued clients and distribution partners. Quite simply, this is a unique and exciting opportunity which places us amongst the top five businesses at Lloyd’s and we welcome AmTrust as a significant minority shareholder in Canopius.”
AmTrust Financial Chairman and CEO Barry Zyskind added: “The sale of AmTrust at Lloyd’s to Canopius is a significant step in the AmTrust Forward vision to be a leading specialty commercial P&C insurer focused on local markets and niche products where we can add significant value. This transaction joins AmTrust with a great partner in Canopius through our minority stake in a top-five Lloyd’s syndicate. Our Lloyd’s clientele and employees will be well served by the new, larger, Canopius operation.”
Canopius, AmTrust, M&A, Lloyd's, UK