NKSJ Holdings acquires Canopius

Japanese insurer NKSJ Holdings has acquired Canopius for EUR594 million as it moves to expand its global footprint with its purchase of the London market player.

NKSJ Holdings has agreed through its subsidiary Sompo Insurance to acquire 100 percent of the shares of Canopius, pricing the acquisition at 1.5 times Canopius’ unaudited tangible net asset value as of 30 June 2013.

Agreement was reached with Bregal Capital, which holds 84 percent shares in Canopius and senior management. NKSJ said that Canopius would form the foundation of the insurer’s specialty insurance business and will strengthen its international profile. Canopius will meanwhile retain its brand, and the incumbent management team will remain in place.