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December 27, 2021updated 05 Jan 2022 1:24pm

Canopius closes $780m LPT deal with RiverStone

UK-based speciality re/insurance broker Canopius Group has concluded a loss portfolio transfer (LPT) agreement with RiverStone International (RiverStone).

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The portfolio, which is valued at around $780m, includes discontinued classes of business underwritten by Canopius’ syndicates.

This agreement will see RiverStone’s Syndicate 3500 provide cover to Canopius against potential losses in respect to the portfolio being transferred.

Canopius has underwriting operations in Australia, Bermuda, China, Singapore, the UK, and the US.

Gallagher Re brokered the portfolio transfer.

Canopius chief actuary Nick Betteridge said: “This LPT with RiverStone provides Canopius with finality on our discontinued lines, allowing us to focus on our core business and releasing capital to reinvest in support of our future growth aspirations.

“With the current positive market environment, we see this as a great time to continue to invest and grow our business in 2022 and beyond.

“I would like to thank Gallagher Re for their professional handling of this transaction and we look forward to working with RiverStone to transition the business over.”

Riverstone CEO Luke Tanzer said: “We are delighted to have executed this legacy portfolio transaction with Canopius, which continues to build upon our strong position in Lloyd’s.

“We look forward to working closely with Canopius through the transition phase and to maintaining the high-quality level of service for policyholders and claimants”.

Earlier this year, Canopius unveiled an algorithmic underwriting platform called Vave.

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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