Canopius bought by Sompo for £594m

Lloyd's building

NKSJ Holdings, through its subsidiary Sompo Japan Insurance, has bought 100% of Canopius Group for £594m.

The deal for the specialist Lloyd's market company was confirmed after a weekend of speculation and the price represents a 1.5x multiple based on Canopius's unaudited tangible net asset value at 30 June 2013.

The Canopius brand and management team will all be kept by the new owners.

The transaction is subject to regulatory approval and is expected to close in the second quarter of 2014.

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