Canopius mum on takeover market speculation

Guernsey-based Canopius Group Ltd., a managing agency at Lloyd’s of London, has declined comment on market speculation that it is a takeover target.

“The attractions of Lloyd’s as a platform for the transaction of global specialty insurance and reinsurance have rarely been more prized than they are currently,” Michael Watson, executive chair of Canopius, said Sunday in a statement.

“Against that background, it is to be expected that Canopius would be the subject of potential acquisition interest, recognizing the strength of our franchise and reputation, our scale, our position as one of a handful of privately owned Lloyd’s businesses and the 10-year duration of our private equity backing,” he said.

While Sompo Japan Insurance Inc., owned by NKSJ Holdings Inc., reportedly was weighing a bid for Canopius, Mr. Watson said the managing agency does not comment on market speculation.

Separately, Canopius’ Group Chief Executive Inga Beale was named the next CEO at Lloyd’s effective in January. Mr. Watson will take on the group chief executive role, the company said.