Sompo Japan Nipponkoa has sold Canopius to a consortium led by Centerbridge

The sale of specialty re/insurer Canopius by Sompo Japan Nipponkoa Insurance to a private equity consortium led by Centerbridge Partners has been completed.

The company stressed that this means Canopius is once again a standalone business led by chairman Michael Watson and group chief underwriting officer Mike Duffy.

Sompo Japan Nipponkoa Insurance announced its decision on Sept. 01, 2017 to sell Sompo Canopius for $952 million to Centerbridge Partners, which includes private investment firm Gallatin Point Capital.

The company reported that the transaction has now received all necessary regulatory consents. With Centerbridge and Gallatin’s support, the business is poised for growth on a scalable platform when conditions are conducive, and will continue to focus on underwriting excellence and enhancing its value-added capabilities in support of brokers and clients.

Since it was founded in 2003, Canopius has grown to become one of the biggest insurers at Lloyd’s, writing premium income of more than $1.5 billion in 2017.

Watson said: “I am delighted to herald the dawn of an exciting new chapter in Canopius’s journey. This has re-energised our exceptionally talented team who, with the financial strength and insights of our new owners, will continue to pursue our ambition of building a world-class specialty (re)insurance franchise.”

Ben Langworthy and Matthew Kabaker, senior managing directors at Centerbridge, said: "We’re very happy to have completed the investment in Canopius. Working with Michael Watson, Mike Duffy and the Canopius management team over the past few months has reinforced our view that this is a business with strong leadership and a clear strategy for the future.

"We recognise that 2018 marks a milestone year for Canopius being that it is 15 years since its original foundation. We believe Canopius has a great opportunity to build on its outstanding track record and look forward to helping grow the business responsibly.”

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