Canopius given green light to merge syndicates

Lloyd’s insurer Canopius has been given permission to merge Syndicate 958 into its flagship Syndicate 4444.

In a move which seeks to simplify the operation of the business written by the syndicates, all new and renewal syndicate business accepted by the firm for the 2016 year of account will be written by Syndicate 4444.

Canopius said the syndicate will have a stamp capacity of £975 million for 2016.

The move follows a ballot of syndicate membership where all valid votes were in favour of the merger.

It will continue to manage Syndicate 958 until the 2015 year of account is reinsured to close, which is predicted to be into Syndicate 4444 on 31 December 2017.