Centerbridge Consortium Completes Canopius Deal
A private equity consortium led by Centerbridge Partners has completed its acquisition of Canopius, meaning the Lloyd’s insurer has returned to being a standalone business following a period under Sompo Japan’s ownership. Canopius, which wrote premium income of more than $1.5bn in 2017, said it is now “poised for growth on a scalable platform when conditions are conducive”. The business is led by chairman, Michael Watson, and group chief underwriting officer, Mike Duffy. The Centerbridge consortium includes private investment firm Gallatin Point Capital. “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,” Watson said. In September Sompo announced it had struck a deal to sell Canopius to a consortium led by private equity firm Centerbridge Partners and the re/insurer’s management team. Centerbridge will take a majority stake in the business, while the management team, led by Watson and Duffy, will take a small stake.