CANOPIUS MULLS STOCK MARKET FLOAT

Canopius Group is reportedly exploring a stock market flotation that could value the company at £2bn ($2.72bn), which experts said underlined the attractiveness of the re/insurance market to investors. The specialty group, which wrote nearly $2.4bn of premium last year, has held preliminary discussions with investment banks to explore the possibility of an initial public offering (IPO) on the London Stock Exchange in the coming months, according to media reports. The valuation is more than double the $952m paid by a Centerbridge Partners-led management buyout in 2017 when the insurer was acquired from Sompo. Canopius, which writes through Lloyd's and a US platform, operates in several specialty lines, such as cyber, marine cargo and energy. It is the fourth-largest underwriter in the Lloyd’s market.