Canopius Re gains Class 4 Licence

Bermuda-based reinsurance company Canopius Reinsurance Limited (Canopius Re) has been granted a Class 4 Reinsurer licence by the Bermuda Monetary Authority.

The reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. This marks a reorientation of the reinsurer, which will initially be focused on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.

Canopius Re’s status as a Class 4 company will considerably add to Canopius’s Bermuda operations.

Charles Craigs, CEO, 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.