Omega Specialty becomes Canopius Reinsurance

Michael Watson, Canopius

Canopius has renamed its Bermuda reinsurance platform Omega Specialty Insurance as Canopius Reinsurance after the sale completion of Canopius Holdings Bermuda Ltd to Tower Group.

Canopius Reinsurance 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 Canopius Reinsurance and Canopius Underwriting Bermuda, which underwrites excess casualty business on behalf of Canopius Syndicate 4444.

Canopius executive chairman Michael Watson said: “Our platform in Bermuda remains a vitally important part of Canopius’s global presence. We have increased the group’s capital commitment to Canopius Reinsurance, 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.”