Canopius Group Ltd has joined the £1 billion premium club with the completion of its acquisition of Bermuda-based Omega Insurance Holdings Ltd.The acquisition was completed on Monday, thereby clearing the way for Tower Group’s takeover of Canopius Bermuda, which was contingent on the closing of the Omega deal, as reported in Monday’s The Royal Gazette.Guernsey-domiciled Canopius, a privately held company, said the acquisition “extends the global footprint of Canopius and substantially enhances its scale”.Canopius executive chairman Michael Watson said: “The acquisition of Omega represents a significant acceleration of our ambition to establish Canopius as a global and well diversified insurance group.“Our premiums under management now exceed £1 billion ($1.57 billion) and we are firmly positioned as a top ten business at Lloyd’s. However this does not curtail our ambition and we will develop further profitable growth as opportunities arise, whether organically or through acquisitions.“As part of Canopius, the successful Syndicate 958 will be revitalised and have a secure and stable future. We welcome our new colleagues to Canopius.”Omega was a UK-listed, Bermuda-domiciled insurance and reinsurance group with operations at Lloyd’s, via Syndicate 958, and in Bermuda, the US and Germany. All these platforms will be integrated into Canopius under the Canopius brand.Canopius paid more than $250 million to acquire Omega.Even after Tower Group acquires the Canopius operations in Bermuda, it will continue to operate under the name of Canopius.