Canopius completes Omega acquisition
by Richard Kilner
Story link: Canopius completes Omega acquisition
Specialist (re)insurance underwriting business Canopius Group Limited has announced that it has completed the acquisition of Omega Insurance Holdings Limited.
By acquiring Omega Canopius had significantly expanded its global presence, as well as increasing annualised premium income beyond the £1bn milestone.
Omega, a UK-listed, Bermuda-domiciled insurance and reinsurance group, operates from Lloyd’s, via Syndicate 958, and in Bermuda, the US and Germany.
Following the acquisition Omega’s operations will be integrated with Canopius under the Canopius brand.
Executive Chairman Michael Watson described the acquisition as a significant acceleration of the firm’s ambition to establish Canopius as a global and diversified insurance group.
Watson added that the acquisition did not mark the end of the firm’s ambitions for growth, stating that it would continue to expand through both organic growth and acquisitions.