Specialty insurance firm Canopius Group has brokered a deal to acquire majority ownership in Multi-Strat Holdings.
The financial terms of the deal have not been made public.
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Under the terms of the deal, MultiStrat will continue to operate as a separate entity under its brand name.
Headquartered in Bermuda, MultiStrat is a specialty reinsurance firm that writes both prospective and retrospective risk solutions sourced through select intermediaries.
MultiStrat places casualty insurance inked security (ILS) transactions with alternative investors working with its investment broker dealer partners.
MultiStrat CEO Bob Forness said: “MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’ expertise and resources.
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By GlobalData“Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost-effective coverage for reinsured and attractive returns for investors”.
Canopius chairman and CEO Michael Watson said: “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.
Headquartered in London, Canopius is one of the top businesses at Lloyd’s insurance market and writes more than $2bn premium annually.
The company currently operates in the UK, US, Bermuda, Netherlands, Singapore and Australia.
Canopius conducts its business through three main underwriting platforms namely Canopius Managing Agents, Canopius US Insurance, and Canopius Reinsurance.
