Global specialty lines re/insurer Canopius has agreed to acquire American property and casualty insurer AmTrust Financial Services’ Lloyd’s business for an undisclosed sum.

Once the transaction is closed, the acquirer will combine its Lloyd’s business with that of AmTrust at Lloyd’s, to emerge asa top-five Lloyd’s insurer with collective premiums of about $2.2bn.

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Canopius plans to combine its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents from 1 January 2020.

As per terms of the transaction, AmTrust Financial Services will become a significant minority shareholder in Canopius.

Canopius chairman Michael Watson said: “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.

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“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.”

The deal, whose financial terms have not been disclosed, is likely to conclude in the third quarter of this year.

Canopius manages its underwriting operations in Bermuda, China, Ireland, Netherlands, Singapore, Switzerland, the UK and US.