Canopius Reinsurance (Canopius Re), the Bermuda-based reinsurance company of Canopius, has been granted a Class 4 Reinsurer licence by the Bermuda Monetary Authority (BMA).
The reclassification will extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks.
Canopius says the license marks the 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.
As a Class 4 company, Canopius Re will add to the firm’s Bermuda operations, which include, Canopius Re, a Class 4 reinsurer; Canopius Underwriting Bermuda Limited, a coverholder underwriting on behalf of Lloyd’s Syndicate 4444; Canopius ILS, an insurance agent structuring and raising capital for property catastrophe insurance-linked securities (ILS) transactions.
It will also add Multi-Strat Re and MultiStrat Advisors, which are Canopius’ affiliates that specialise in prospective and retrospective casualty reinsurance for asset managers and ILS investors.
Commenting on the new license, Charles Craigs, CEO, Canopius Re, notes: “I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 Reinsurer.”
Craigs explains that all Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace.
“I would like to thank our team for their many efforts, and the BMA for recognising that and enabling us to ideally position the business to capitalise on the considerable opportunities that exist,” he concludes.
