Canopius Group announces that A.M. Best has removed Canopius US Insurance, Inc. from under review and affirmed its financial strength rating of A- (Excellent) and issuer credit rating of “a-“. The outlook assigned to both ratings remains negative.
Canopius US is Canopius’s US surplus lines insurance company based in Chicago. It was formerly owned by Omega Insurance Holdings Limited.
These rating actions take into consideration the acquisition by Canopius, A.M. Best’s discussions with Canopius management regarding the immediate and long-range benefits gained under the new ownership and Canopius’s past success as it relates to mergers and acquisitions.
Jim Giordano, Chairman of Canopius US said “This rating is consistent with my expectations given the historical performance and strong capitalisation of this company. Since acquisition we have put in place a clearly defined strategy to improve operating performance whilst developing this platform. Our plans harness the experience and knowledge of our local team, with the wider experience and support provided from Canopius Group including underwriting, actuarial, catastrophe modelling, risk management, marketing and capital support.”