Canopius
Canopius makes play for Omega in bid to grow PE-backed Lloyd’s insurer
Canopius chairman Michael Watson has acted on ambitions to grow his private equity-backed Lloyd's insurer, with a £164m takeover of struggling Omega in a deal that sees a slice of the business sold to US insurer Tower Group.
Editor's comment: The lure of Lloyd's
London's bid to elevate its appeal and competitive edge for financial services businesses deciding on the best domicile may still be subject to speculation on likely success, but the lure of Lloyd's is undeniably as strong as ever to international…
S&P confirms Canopius outlook as 'stable'
Standard & Poor's has affirmed Canopius Syndicate 4444 at 2+ on news that Canopius will acquire Omega Insurance Holdings.
Debevoise & Plimpton advise Omega on Canopius deal
Law firm Debevoise & Plimpton is advising Omega on Canopius acquiring the business.
Canopius details Omega takeover savings and possible Tower Bermuda sale
Canopius chairman Michael Watson said that taking over Omega will be the "last big deal", but is not the end of its "ambitions".
Canopius in US tie-up for Omega buy
Canopius has said its takeover of Omega will be funded partly by issuing new shares representing a 30% increase in shareholders' equity and a deal with US insurer Tower Group.
Canopius swallows Omega for £164m
Omega bosses have agreed to a takeover by Canopius and will recommend the 67p a share cash offer in a deal worth £163.6m.
Market moves: Canopius and CGSC dominate appointments
This week the recruitment space belonged to Canopius and Cooper Gay Swett & Crawford. Canopius restructured its entire executive committee, alongside appointing an underwriter, while CGSC recruited a new chief commercial officer, head of operations and…
Canopius adds Golfplan to broker K Drewe
Canopius has bought the business and client portfolio of Golfplan International Insurance, a provider of specialist golf insurance and an official supplier to the Professional Golfers' Association.
Canopius promotes Manning to group COO
Specialist reinsurer Canopius has promoted Steve Manning to group chief operating officer with responsibility for all operational matters.
Canopius unveils 'significant' executive committee shake-up
Canopius has today announced a major shake-up of its group executive committee which sees Steve Manning promoted to group chief operating officer.
QBE move for Brit secures broker backing as deal doubles regional GWP
Acquiring Brit UK's renewal rights is Australian insurer QBE's biggest UK deal in more than 10 years, and signifies its commitment to becoming a major player in the regional broker market insuring SMEs.
AM Best downgrades and withdraws Omega rating
AM Best Europe has downgraded Omega Speciality Insurance’s financial services rating from A- to B++ and withdrawn the ratings at the request of Omega Insurance Holdings.
Omega co-founder to overhaul board
Omega co-founder John Robinson is reported to be in talks with Fund Management Group about overhauling the troubled Lloyd's insurer's board.
Lloyd’s witnesses new wave of MGAs due to Solvency II and M&A activity
In recent months the industry has witnessed a renewed surge in the number of Lloyd's insurers teaming up with managing general agents to access new lines of business.
Canopius' 65p offer reflects 2011 Omega losses
Canopius' decision to offer to acquire Omega at a lower share cash offer is because the listed company posted losses last year, according to a source.
Canopius recruits Bevan to boost health
Lloyd's insurer Canopius has expanded its UK accident and health underwriting team with the appointment of Matt Bevan from Aon.
Canopius makes cash offer for Omega
Lloyd’s insurer Canopius has made a 65p a share cash offer to buy troubled insurer Omega.
Omega international appeal soars following CNA £143m bid for Hardy
CNA acquiring Hardy could trigger a rush by international players to purchase Omega in a bid to access Lloyd's, analysts have predicted.
Post magazine - 29 March 2012
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Omega shareholders to reject Catalina offer
Omega shareholders could shun run-off business buyer Catalina Holdings' acquisition offer.
European sovereign debt hits insurer profits
2011 was the worst year on record for natural catastrophes, yet it was cracks in the Dow Jones, faults in the FTSE and tremors on the Hange Seng that bothered many insurers more.
Far East 'cold spots' and nat-cats lead Canopius to report first loss
A string of natural catastrophe losses in 2011 drove Canopius Group to the first loss in the company's eight-year history.
Cat price rises inadequate, says Canopius
Canopius executive chairman Michael Watson has said that tenfold increases in premiums in Thailand have been exceptions, and complained that insurers have not done enough to raise rates across the board.