Canopius Group announced it has completed its acquisition of AmTrust at Lloyd’s.
The merger provides Canopius with significant additional underwriting expertise and a broader product offering, creating a leading Lloyd’s insurer of increased scale and enhanced relevance to its clients and brokers, said Zurich-based Canopius in a statement.
Financial details of the deal, which was first announced in April 2019, were not disclosed.
From Jan. 1, 2020, Canopius will merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. has become a significant minority shareholder in Canopius.
In March 2018, Canopius became a standalone business after it was purchased from Sompo Holdings by a private equity consortium led by Centerbridge Partners for $952 million.
“I am delighted to announce the completion of this very important development for Canopius, which is transformational in our determination to build a leading Lloyd’s franchise,” said Canopius Chairman Michael Watson.
“The key to our success lies in the quality of our people and I welcome our talented new colleagues from AmTrust at Lloyd’s,” he added. “Together we will strengthen the product and service proposition we offer our highly-valued clients and distribution partners. I look forward with great optimism to this exciting next stage in the development of Canopius.”
Source: Canopius
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