Canopius Re granted a class four reinsurer licence
Canopius Reinsurance (Canopius Re) has been granted a class four reinsurer licence by the Bermuda Monetary Authority.
The reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. It is a reorientation for the reinsurer, which will initially focus on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.
Canopius’s Bermuda operations comprise Canopius Re, now a class four reinsurer; Canopius Underwriting Bermuda, a coverholder underwriting on behalf of Lloyd’s Syndicate 4444; Canopius ILS, an insurance agent structuring and raising capital for property catastrophe ILS transactions; and Multi-Strat Re and MultiStrat Advisors, Canopius affiliates that specialise in prospective and retrospective casualty reinsurance for asset managers and ILS investors.
Charles Craigs, chief executive officer at Canopius Re, said: “All Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace.”