Lloyd’s of London insurer Canopius ‘plans stock market float’
Canopius Group, one of Lloyd’s of London’s largest insurers, is planning a stock market flotation in London that could value the company at as much as £2bn, according to reports.
The London-headquarters company, which has offices in seven countries including Bermuda, China and Singapore, has approached investment banks about working on an initial public offering (IPO), Sky News reported.
The IPO could take place within the next few months, in a stock market debut that would value the company more than double its sale price just three years ago.
Japanese firm Sompo sold Canopius, which specialises cybersecurity, marine cargo, fine art and heavy industry, to = a consortium led by Centerbridge Partners for almost $1bn (£740m) in 2017.
The firm is now Lloyd’s of London’s fourth-largest insurer.
Lloyd’s of London has had a tough time during the pandemic, falling to a £400m loss in the first half of 2020 after the insurance market paid out £2.4bn in coronavirus-related claims.
Speaking to Morning Wire, Lloyd’s chairman Bruce Carnegie-Brown said that the pandemic ranked alongside the 9/11 terror attacks and recent hurricane seasons as one of the worst events the industry had seen.
He said that it would cost the whole industry an estimated $107bn, of which Lloyd’s £5bn in claims was “in line with our market share”.
Canopius could not be reached for comment.