Canopius hit hard by catastrophe losses

earthquake

The insurer, which owns broking firm K Drewe and provides capacity for Arista, posted a £64m loss before tax and combined operating ratio (COR) of 111% for 2011.

Canopius secured £616m in gross written premiums, up from £564m in 2010, but in line with its peers, was hit hard by catastrophe losses.

According to Canopius, 24% of its 111% COR, was attributable to catastrophes.

Michael Watson, executive chairman of Canopius, commented: “The string of natural catastrophe events during 2011 resulted

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