Centerbridge Partners, leading a consortium, is evaluating exit strategies for Canopius Group, including a potential initial public offering (IPO), reported Bloomberg, citing sources.
The potential deal could value the business at approximately £3bn.
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Sources close to the matter have indicated that the insurance company could be listed on the London Stock Exchange next year if the IPO route is chosen.
Working with Goldman Sachs Group and Jefferies Financial Group as advisers, the consortium is yet to make a final decision on the timing and structure of the transaction, the sources said, adding that a sale is also an option.
As of now, no option has been finalised and it is possible that the consortium may retain ownership of Canopius for a longer period, they added.
Canopius, which has operations across the globe including in the UK, the US, Bermuda, Singapore and Australia, is also backed by entities such as Samsung Fire & Marine Insurance.
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By GlobalDataThe Lloyd’s of London insurer operates through various underwriting platforms and is known for its specialty and property and casualty insurance services.
These include Canopius Managing Agents, which oversees Lloyd’s Syndicate 4444; Canopius US Insurance, a US-based excess and surplus lines insurer; and Canopius Reinsurance Limited, a Bermudian Class 4 reinsurance company.
The Centerbridge-led consortium took over Canopius in 2018.
The insurer previously considered going public in 2021 but halted the process due to market instability.
The current market conditions, with a narrowing bid-ask spread and signs of recovery, have prompted private equity firms to actively seek out deals.
A successful London listing for Canopius would bolster the UK’s financial market, which has been aiming to attract more activity through a revised listings framework.
This follows a period where some UK companies have looked to the US markets for a broader investor base.
In a move to enhance its cyber insurance offerings, Canopius entered a partnership with Group-IB in April 2024.
This collaboration aims to provide clients with risk assessments, threat notifications and strategies for threat mitigation, enabling underwriters at Canopius to conduct more thorough cyber risk evaluations.
