View this article online: https://www.insurancejournal.com/news/international/2021/01/13/597329.htm
Canopius announces its Bermuda-based reinsurance company Canopius Reinsurance Ltd. has been granted a Class 4 reinsurer license 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. This marks a reorientation of the reinsurer, which will initially be focused on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.
Class 4 reinsurers are the largest reinsurers regulated by the BMA and must maintain minimum capital and surplus of $100 million.
Canopius Re’s status as a Class 4 company will considerably add to Canopius’ Bermuda operations, which comprise:
“I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 Reinsurer. All Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace,” commented Charles Craigs, CEO, Canopius Re.
Canopius is a global specialty re/insurer with underwriting operations in Australia, Bermuda, China, Singapore, the UK and U.S. It underwrites through Lloyd’s Syndicates 4444 (managed by Canopius Managing Agents Ltd.), a U.S. surplus lines insurer (Canopius US Insurance Inc.) and Canopius Reinsurance Ltd.
Source: Canopius