Canopius Group has renamed its Bermuda-based reinsurance platform Canopius Reinsurance Limited (CRL).
Last week Canopius announced it would share all private shares of the platform, formally known as Omega Specialty Insurance Limited, as it finalised its merger with Tower Group.
Canopius’ Bermudian platform is now comprised of CRL and Canopius Underwriting Bermuda Limited.
CRL writes reinsurance business for third parties and provides capital support to Canopius Group’s underwriting underwriting operations at Lloyd's.
Michael Watson, executive chairman at Canopius, said: “Our platform in Bermuda remains a vitally important part of Canopius’s global presence. We have increased the Group’s capital commitment to CRL, which will assist in the development of its business. We have also recently increased our excess casualty capacity from $25m to $37.5m with the support of a global reinsurance panel, and will be expanding our team accordingly.
“I have every confidence in the future successful development of our Bermuda platform under Stephen Hartwig’s leadership.”
Canopius, CRL, Omega, Tower Group, rename