Canopius and Amtrust Lloyd’s Merger Agreement Signed
Canopius AG (“Canopius”) today announces 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: “I am delighted at the prospect of welcoming our talented new colleagues from AmTrust at Lloyd’s. 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.”
ENDSFor further information please contact:
David Haggie / Richard Adams, Haggie Partners +44 20 7562 4444
Hunter Hoffmann, AmTrust Financial +1 646-870-1949
Canopius AG (Canopius) is a global specialty (re)insurer with underwriting operations in Bermuda, China, Ireland, Netherlands, Singapore, Switzerland, the UK and US. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited) and a US surplus lines insurer, Canopius US Insurance, Inc.
For more information, visit www.canopius.com or follow @CanopiusGroup
About AmTrust Financial Services, Inc.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage.
For more information about AmTrust visit www.amtrustfinancial.com