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Centerbridge-led consortium acquires Canopius

Overview

Travers Smith LLP has advised the senior executive team of Canopius in relation to the negotiation of their equity terms as part of its acquisition by a private equity consortium led by Centerbridge Partners, L.P., which includes private investment firm Gallatin Point Capital LLC.

Since its foundation in 2003, Canopius has developed into a top-ten insurer at Lloyd’s, and wrote premium income of more than $1.5 billion in 2017. With Centerbridge and Gallatin’s support, the business is poised for growth on a scalable platform when conditions are conducive, and will continue to focus on underwriting excellence and enhancing its value-added capabilities in support of brokers and clients.

Travers Smith Tax Partner Russell Warren acted for the senior executive team of Canopius led by Michael Watson. They were also advised on corporate matters by Gary Thorpe and Stephen Browning of Clyde & Co.

Speaking after completion, Russell said:

"I was delighted to act for Michael Watson (Canopius CEO) and his team and help them take the next steps on their journey. This acquisition by Centerbridge and Gallatin will help Canopius continue to thrive and further enhance the service it offers to brokers and clients."