A private equity consortium led by Centerbridge Partners has completed the $952m acquisition of Canopius from Sompo Holdings.

The consortium also includes private investment company Gallatin Point Capital.

The deal was first announced in September 2017. The Japanese company had bought Canopius in 2014 for £594m.

Canopius was established through a management buyout in December 2003 with £25m equity capital. It wrote premium income of over $1.5bn in 2017.

The company is domiciled in Zurich and operates in the UK, Ireland, Netherlands, Switzerland, Bermuda, US and Singapore.

It will continue to focus on underwriting excellence and building its presence and capabilities in support of its brokers and clients.

Canopius will become a standalone business led by CEO Michael Watson and chief underwriting officer Mike Duffy.

Watson said: “I am delighted to herald the dawn of an exciting new chapter in Canopius’s journey.

“This has re-energised our exceptionally talented team who, with the financial strength and insights of our new owners, will continue to pursue our ambition of building a world-class specialty (re)insurance franchise.”

In a separate announcement, Sompo said it completed the transfer of 100% of the shares of Canopius to Fortuna Holdings, which is registered and incorporated in the Island of Jersey and owned by the fund managed by an affiliate of Centerbridge Partners.

The company said the impact of the transfer of the shares does not have a significant impact on its consolidated results.

Centerbridge senior managing directors Ben Langworthy and Matthew Kabaker said: “We’re very happy to have completed the investment in Canopius. Working with Michael Watson, Mike Duffy and the Canopius management team over the past few months has reinforced our view that this is a business with strong leadership and a clear strategy for the future.

“We recognise that 2018 marks a milestone year for Canopius being that it is 15 years since its original foundation. We believe Canopius has a great opportunity to build on its outstanding track record and look forward to helping grow the business responsibly.”

Image: Canopius will continue as a standalone business after the acquisition. Photo: Courtesy of  IndypendenZ/FreeDigitalPhotos.net.