Bermudian-based reinsurance company Canopius Reinsurance Limited has been granted a Class 4 Reinsurer licence by the Bermuda Monetary Authority.

Canopius said the reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks, adding: “This marks a reorientation of the reinsurer, which will initially be focused on third-party property and casualty business, reflecting the opportunities created by the improving rating environment”.

Canopius Re previously had a Class 3A licence. Canopius’s Bermuda operations also include:

• Canopius Underwriting Bermuda Limited, a coverholder underwriting on behalf of Lloyd’s Syndicate 4444.

• Canopius ILS Ltd, an insurance agent structuring and raising capital for property catastrophe ILS transactions.

• Multi-Strat Re Ltd and MultiStrat Advisors Ltd, which are Canopius affiliates specialising in prospective and retrospective casualty reinsurance for asset managers and ILS investors.

Charles Craigs, chief executive officer of Canopius Re, said: “I am extremely pleased to announce that Canopius Re has now been approved as a Class 4 Reinsurer. All Canopius Bermuda entities will benefit from Canopius Re’s expanding underwriting appetite and growing group commitment to the Bermuda marketplace.

“I would like to thank our team for their many efforts, and the BMA for recognising that and enabling us to ideally position the business to capitalise on the considerable opportunities that exist.”