Canopius posts first loss in 8 years

The Canopius Group has posted a net loss of £61 million for 2011, representing the first full year loss in the company’s eight year history.

The company’s 2011 result was impacted by heavy catastrophe losses. However given that gross written premiums were up 9 percent on the previous year, the group’s executive chairman, Michael Watson, remained cautiously upbeat.

“The string of natural catastrophe events during 2011 resulted in the first loss in our eight year history and was magnified by our weighting towards international business,” he said.

“Whilst we are disappointed, we are not downhearted. 2011 was another year of good progress for Canopius, including the successful recruitment of new teams and the launch of additional platforms that ensure we are well-positioned to continue expanding our franchise.

“Our group’s financial position remains robust. We are increasing the overall scale of our businesses in 2012 and will continue to look at further opportunities for growth, both organic and through merger and acquisition.”