Canopius reports return to profit and brings COR below 100%
Canopius Group has reported a return to profit for 2012, at £49m, compared with a loss of £61m in 2011.
The business, which recently agreed the sale of its Bermuda operation, also reported gross written premiums of £692m for 2012, up 12% from £616m in 2011.
And the group’s combined operating ratio improved by 16% from 111% in 2011, to 95% last year.
Canopius acquired Lloyd’s syndicate Omega Insurance Holdings in August 2012, and the company said this purchase has boosted premiums under management by 40%, as well as increasing its financial resources by 35%.
Michael Watson, executive chairman of
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