Canopius Group's Bermuda unit receives Class 4 reinsurer license

Canopius Group Ltd. said its Bermuda-based reinsurance company, Canopius Reinsurance Ltd., obtained a Class 4 reinsurer license following approval by the Bermuda Monetary Authority.

The reclassification will allow Canopius Re to increase gross written premiums and write more third-party risks. The reinsurer will initially be focused on third-party property and casualty business.

Canopius Re's new status will "considerably add" to Canopius Group's Bermuda operations, which comprise Canopius Underwriting Bermuda Ltd., Canopius ILS Ltd., Multi-Strat Re Ltd. and MultiStrat Advisors Ltd.