Canopius, a privately-owned international insurance and reinsurance group, has reported a loss before tax of GBP64m for the full year of 2011, compared to a profit before tax of GBP40m for the same period in 2010.
For the full year of 2011, the company posted a loss to shareholders after tax of GBP61m, compared to a profit to shareholders after tax of GBP43m for the same period a year ago.
Gross written premiums increased 9% to GBP616m, compared to GBP564m for the same period in the previous year.
Net earned premiums decreased slightly to GBP462m, compared to GBP463m for the same period in the prior year.
Canopius executive chairman Michael Watson said that the string of natural catastrophe events during 2011 resulted in the first loss in the company’s eight-year history and was magnified by its weighting towards international business.
"We are increasing the overall scale of our businesses in 2012 and will continue to look at further opportunities for growth, both organic and through merger and acquisition," Watson said.