Canopius Acquires Bermuda-based Specialty Reinsurance Group MultiStrat

March 17, 2020 - Canopius Group Limited has acquired specialty reinsurance group Multi-Strat Holdings (MultiStrat). 

Headquartered in Bermuda, MultiStrat writes both prospective and retrospective casualty reinsurance, which is sourced through reinsurance intermediaries. The firm places casualty insurance linked security (ILS) transactions with alternative investors by working with investment broker dealer partners.

A release noted that MultiStrat’s reinsurance and capital advisory teams operate through its Class 3A segregated accounts company and insurance agency, as well as Garden Insurance – the firm’s Vermont-protected cell company.

Following the transaction, MultiStrat will continue to operate autonomously and will keep its brand.

“We’re very pleased and excited that Bob Forness and the MultiStrat team are joining the Canopius Group. With a strong track record in the Casualty ILS market MultiStrat is recognized for innovation and building strong partnerships with investors and reinsurers,” said Canopius chairman and CEO Michael Watson. “We believe that the addition of MultiStrat will be highly complementary to our existing ILS operations based in Bermuda.”

“As the market and thought leader in optimizing the transfer of casualty risk to the global capital markets, MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’s expertise and resources. Chemistry is important in finding the right fit and I’ve had the fortunate opportunity to work with Michael Watson on two prior occasions,” commented MultiStrat CEO Bob Forness.