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Bailey McCann, Opalesque New York: London-based global specialty reinsurer Canopius has acquired Bermuda-based Multi-Strat Holdings Ltd. Multi-Strat Holdings is a specialty reinsurer focused on casualty reinsurance and casualty reinsurance linked security (ILS) transactions. Financial terms were not disclosed.
Canopius is one of the top businesses under the Lloyd's of London umbrella, underwriting more than $2 billion in insurance annually. The firm does business in UK, U.S., Bermuda, Netherlands, Singapore and Australia.
Canopius is in the process of expanding its insurance activities in Bermuda. In a statement on the acquisition, the company said that MultiStrat's expertise in Bermuda aligned well with Canopius' plan for that market. MultiStrat will retain its brand, business lines, and the ability to work autonomously in Bermuda but will operate from the larger Canopius platform.
MultiStrat said that the unification of the two companies would provide the opportunity to improve its overall business footprint. "Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost effective coverage for reinsureds and attractive returns for investors," said Bob Forness, CEO of MultiStrat.
MultiStrat writes both prospective and retrospective casualty reinsurance sourced through select reinsurance intermediaries. MultiStrat, working with its investment broker dealer partners, also places casualty Ins...................... To view our full article Click here
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