The consortium of buyers was led by Centerbridge Partners and includes private investment firm Gallatin Point Capital.

The company will be headed up by Chairman Michael Watson and Group Chief Underwriting officer Mike Duffy.

Canopius was founded in 2003 and is one of the top ten insurers at Lloyd’s, writing premium income of more than $1.5 billion in 2017, the release said.

Mr. Watson said: “I am delighted to herald the dawn of an exciting new chapter in Canopius’s journey. This has re-energized our exceptionally talented team who, with the financial strength and insights of our new owners, will continue to pursue our ambition of building a world-class specialty insurance and reinsurance franchise.”

Ben Langworthy and Matthew Kabaker, Senior Managing Directors at Centerbridge said: “We’re very happy to have completed the investment in Canopius.”

CIMA is the regional body of the insurance industry for 14 countries in French-speaking African Countries.

The profitable growth is due to the legislative changes in the region, which aim to increase premium retention within the CIMA zone, said the report.

The reforms also bolster insurers’ capital and surplus are expected to help create a stronger market prospectively.

A.M. Best believes that the credit fundamentals of insurance and reinsurance companies operating in CIMA countries will remain resilient in the medium term.

However, the ratings agency anticipates country risk to remain an offsetting credit factor.
Ghislain Le Cam, Director, Analytics said: “Local insurers and reinsurers are exposed to a challenging environment, which is subject to instability.

“In particular, political risks and social unrest have the potential to rapidly and adversely affect a company’s financial strength.”

The policy covers medical professional liability and general liability risks and is designed to protect the RRG from downside risk on their legacy insurance program.

The coverage was written by Accredited Surety and Casualty Company, R&Q’s wholly owned carrier.

Ken Randall, Chairman and Chief Executive Officer of R&Q, said: “This transaction adds to the continued development of exit solutions to risk retention groups within the U.S.

“We are excited to expand our capabilities using Accredited Surety & Casualty to assist in solving various issues that arise on legacy liabilities for RRG’s, self-insurers, and corporates within the U.S.”

Mr. Sordillo joined the company in 2017 and most recently served as Senior VP for Loss Control, GRS.

In his previous role, Mr. Sordillo broadened the scope of strategic risk management services offered to GRS clients and in his new role, he will further evolve these services to support the insurance platform globally.

In her new role, Ms. Sullivan will be working alongside GRS loss control, underwriting and claims staff, and will continue to enhance the company’s loss control capabilities for GRS’s target industries.

Jack Kuhn, Chief Executive Officer of Global Insurance, said: “Proactive and tailored risk management services are highly valued by our clients, as we not only offer our insureds financial protection but we also work closely with them to reduce loss experience and identify ways to improve and differentiate their business operations.

“Both Vic and Christine are recognized leaders in risk management best practices across a range of industries.”