Following last week’s sale of Canopius Holdings Bermuda Limited and its merger with Tower Group, Inc., Canopius Group Limited announces that its reinsurance platform in Bermuda – Omega Specialty Insurance Limited – has been renamed Canopius Reinsurance Limited (“CRL”). CRL is a Class 3A reinsurance company with $400m of capital. It writes structured reinsurance business for third parties and provides capital support to Canopius Group’s underwriting operations at Lloyd’s.
The Canopius Bermuda platform now comprises CRL and Canopius Underwriting Bermuda Limited, which underwrites excess casualty business on behalf of Canopius Syndicate 4444.
With effect from 1 June 2013 and subject to necessary consents, Canopius Bermuda will be overseen by Stephen Hartwig who will succeed Susan Patschak as Chief Executive Officer.
Michael Watson, Executive Chairman of Canopius, commented: “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. “
