Canopius Re gets green light to operate as Class 4 reinsurer in Bermuda

Lloyd's specialty re/insurer Canopius' Bermuda-based reinsurance company Canopius Re has secured a Class 4 reinsurer licence by the Bermuda Monetary Authority (BMA).

The company hopes this reclassification will "significantly extend" Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks.

Canopius Re is set to undergo a reorientation, which will initially be focused on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.

Charles Craigs, CEO of Canopius Re, said: “I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 Reinsurer. All Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace.

“I would like to thank our team for their many efforts, and the BMA for recognising that and enabling us to ideally position the business to capitalise on the considerable opportunities that exist.”