Canopius’s principal business is insurance and reinsurance underwriting through Lloyd’s syndicates, managed by Canopius Managing Agents Ltd., and reinsurance through Canopius Bermuda Ltd. The investment is subject to completion of the acquisition by Canopius of Omega Insurance Holdings Ltd. (Omega), an international insurance and reinsurance group listed on the London Stock Exchange. The acquisition is still in the process of gaining regulatory approvals.
Tower says that, under the terms of the agreements executed by Tower and Canopius, should Canopius close its proposed acquisition of Omega, Tower would acquire 10.7 percent of the ordinary share capital of Canopius and have the right to appoint one member of the Canopius board of directors. Canopius also has committed to assist Tower, at Tower’s option, with the establishment of a presence at Lloyd’s, subject to the required approval of Lloyd’s and the Financial Services Authority. Finally, Tower would acquire an option, exercisable in its sole discretion, to combine with the Bermuda reinsurance business currently operated by Canopius.
Should Canopius’s acquisition of Omega not be completed, Tower would not be required to effect the Investment, but would remain a reinsurer of Canopius under its existing reinsurance arrangements, says Tower.
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