Canopius has become the latest Lloyd’s insurer to launch a Bermuda operation.
It will launch a reinsurance company and an underwriting operation, Canopius Underwriting Bermuda, to support its Lloyd’s syndicate.
Both will be headed by former Endurance chief operating officer Susan Patschak.
Canopius Underwriting Bermuda will underwrite excess casualty, medical malpractice, property catastrophe, workers’ compensation, catastrophe and terrorism.
It will have initial capital of $250m (£123m) and will act as an approved coverholder for composite Syndicate 4444.
Canopius said the agency would provide further diversification of the syndicate’s portfolio by accessing new distribution channels and additional classes of business.
The diversification into Bermuda mirrors that of Lloyd’s giant Amlin, which created a Bermuda operation in 2005.
Canopius has not taken the step of redomiciling to Bermuda, unlike Catlin, Hiscox, Omega and Kiln .
Canopius chairman Michael Watson said: “Canopius remains committed to London and the Lloyd’s market.”
