Canopius and AmTrust agree mergerApril 19 2019 by InsuranceAsia News Staff
Canopius has agreed to merge its Lloyd’s business with AmTrust at Lloyd’s, a division of AmTrust Financial, subject to regulatory approval.
Upon completion, expected in the third quarter of 2019, the transaction will create a top-five insurer at Lloyd’s with combined gross written premiums of around US$2.2 billion.
Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 from the start of next year under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services will become a “significant” minority shareholder in Canopius.
Canopius chairman Michael Watson said: “The AmTrust at Lloyd’s business brings significant underwriting expertise, product diversification, and scale to the Canopius portfolio. Together we will broaden the product and service proposition we offer our highly-valued clients and distribution partners.”
“Quite simply, this is a unique and exciting opportunity which places us amongst the top five businesses at Lloyd’s and we welcome AmTrust as a significant minority shareholder in Canopius.”
AmTrust Financial chairman and chief executive Barry Zyskind said: “The sale of AmTrust at Lloyd’s to Canopius is a significant step in the AmTrust Forward vision to be a leading specialty commercial P&C insurer focused on local markets and niche products where we can add significant value.”
“This transaction joins AmTrust with a great partner in Canopius through our minority stake in a top-five Lloyd’s syndicate. Our Lloyd’s clientele and employees will be well served by the new, larger, Canopius operation.”
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