Bermuda based specialty reinsurer MultiStrat has been acquired by Canopius Group Limited.
Canopius, the global specialty insurance and reinsurance group headquartered in London, is making a majority acquisition of MultiStrat, but the MultiStrat brand will live on in the work the company does.
MultiStrat, working with its investment broker dealer partners, places casualty Insurance Linked Security (ILS) transactions with alternative investors. MultiStrat’s reinsurance and capital advisory teams operate through both its Bermuda based Class 3A segregated accounts company and insurance agency, and Garden Insurance, its Vermont protected cell company.
“We’re very pleased and excited that Bob Forness and the MultiStrat team are joining the Canopius Group. With a strong track record in the Casualty ILS market MultiStrat is recognised for innovation and building strong partnerships with investors and reinsurers. We believe that the addition of MultiStrat will be highly complementary to our existing ILS operations based in Bermuda. We’re confident that with active support from Canopius, MultiStrat can broaden its capabilities and grow profitably in the future” said Michael Watson, Chairman and CEO of Canopius.
“As the market and thought leader in optimizing the transfer of casualty risk to the global capital markets, MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’ expertise and resources. Chemistry is important in finding the right fit and I’ve had the fortunate opportunity to work with Michael Watson on two prior occasions. Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost effective coverage for reinsureds and attractive returns for investors” said Bob Forness, CEO of MultiStrat.