Canopius has announced when it plans to merge its Syndicate 4444 with AmTrust Syndicate 1861
Canopius has announced the completion of its merger with AmTrust at Lloyd’s – a division of AmTrust Financial - which will see the latter become a minority shareholder.
Although the deal is still subject to regulatory approval, it will see the merger of the AmTrust Lloyd’s business with the global specialty (re)insurer.
From 1 January 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under its management of Canopius Managing Agents.
Canopius chairman Michael Watson, welcomed the news. He 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’s chairman and chief executive 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.”
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