London:
Canopius AG (“Canopius”) today announced the signing of the definitive sale and purchase agreement that will see the merger of its Lloyd’s business with that of AmTrust at Lloyd’s, a division of AmTrust Financial, subject to regulatory approval.
Upon completion, expected in Q3 2019, the transaction will create a top-five insurer at Lloyd’s with combined premiums of approximately $2.2bn.
From 1 January 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.
Canopius Chairman Michael Watson said: “Today’s announcement marks a transformational step in our determination to build a leading Lloyd’s franchise. The AmTrust at Lloyd’s business brings significant underwriting expertise, product diversification, and scale to the Canopius portfolio. Together we will broaden the product and service proposition we offer our highly-valued clients and distribution partners. Quite simply, this is a unique and exciting opportunity which places us amongst the top five businesses at Lloyd’s and we welcome AmTrust as a significant minority shareholder in Canopius.”
AmTrust Financial Chairman and CEO Barry Zyskind said: “The sale of AmTrust at Lloyd’s to Canopius is a significant step in the AmTrust Forward vision to be a leading specialty commercial P&C insurer focused on local markets and niche products where we can add significant value. This transaction joins AmTrust with a great partner in Canopius through our minority stake in a top-five Lloyd’s syndicate. Our Lloyd’s clientele and employees will be well served by the new, larger, Canopius operation.”