Canopius posts record profits for 2008
Lloyd’s underwriter Canopius has reported its results for full year 2008, with increased returns on investments and record profits.
The company – one of the biggest privately-owned Lloyd’s underwriting businesses – said the result reflects a solid performance.
Investment returns increased £30 million on year, an especially impressive feat considering the general state of financial investment markets during 2008.
Canopius said the result puts it in a strong position to steer through current market conditions.
In September 2007, the company made a strategic decision to reduce its exposure to financial institutions and corporate credits.
An equity issue and an unsecured letter of credit facilities helped to boost the firm’s financial position during 2008, contributing £58 million and £24 million respectively.
The same year, the company also streamlined its operations, restructuring its business into UK, International, and Underwriting divisions.
Commenting on the result, chairman Michael Watson said: “Despite demanding conditions, Canopius has delivered an exceptional 2008 result and strengthened its platform, both in terms of structure and financial position.”
He added that the company has had 87% renewal retention this year, whilst rates have increased by an average of 3%.
Category: Financials, Insurance News
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