Lloyd's Insurer Canopius Buys Bermuda-Based Reinsurer

Law360, London (March 18, 2020, 4:05 PM GMT) -- Lloyd’s insurer Canopius has taken a majority stake in Bermuda-based MultiStrat Holdings Ltd., as the company seeks to broaden its use of capital markets in reinsurance.

Canopius said Monday it would provide backing for MultiStrat to grow its use of casualty insurance-linked securities, but it did not disclose how much it paid for the company or the size of its stake.

Insurance-linked securities, or ILS, are an asset class that operate in a similar way to reinsurance, allowing insurers to protect themselves against major financial loss.

The top five Lloyd’s insurer already has an existing reinsurance business in Bermuda, which it...

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