Multi-Strat Holdings Ltd. (“MultiStrat”) is pleased to announce a majority acquisition of the company by Canopius Group Limited (“Canopius”).
Canopius is a global specialty (re)insurer headquartered in London. One of the top five businesses at Lloyd’s, Canopius writes in excess of $2bn premium annually. The Group is domiciled in Jersey and operates in the UK, USA, Bermuda, Netherlands, Singapore and Australia. Canopius transacts business through three principal underwriting platforms: Canopius Managing Agents Limited, managing Lloyd’s syndicates 4444 and 1861, Canopius US Insurance Inc., a Chicago based excess and surplus lines company and Canopius Reinsurance Limited, a Bermudian reinsurance carrier.
MultiStrat is a specialty reinsurance group headquartered in Bermuda that writes both prospective and retrospective casualty reinsurance sourced through select reinsurance intermediaries. MultiStrat, working with its investment broker dealer partners, places casualty Insurance Linked Security (ILS) transactions with alternative investors. MultiStrat’s reinsurance and capital advisory teams operate through both its Bermuda based Class 3A segregated accounts company and insurance agency, and Garden Insurance, its Vermont protected cell company.
“We’re very pleased and excited that Bob Forness and the MultiStrat team are joining the Canopius Group. With a strong track record in the Casualty ILS market MultiStrat is recognised for innovation and building strong partnerships with investors and reinsurers. We believe that the addition of MultiStrat will be highly complementary to our existing ILS operations based in Bermuda. We’re confident that with active support from Canopius, MultiStrat can broaden its capabilities and grow profitably in the future” said Michael Watson, Chairman and CEO of Canopius.
“As the market and thought leader in optimizing the transfer of casualty risk to the global capital markets, MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’ expertise and resources. Chemistry is important in finding the right fit and I’ve had the fortunate opportunity to work with Michael Watson on two prior occasions. Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost effective coverage for reinsureds and attractive returns for investors” said Bob Forness, CEO of MultiStrat.
MultiStrat will continue to operate autonomously, and will retain its brand.
Stonybrook Capital served as the exclusive financial advisor to MultiStrat on this transaction.