Canopius has returned to being an independent business following the completion of its $952mn private equity-backed management buyout from Sompo.

The transaction, which has received all necessary regulatory approvals, was led by a private equity consortium led by Centerbridge Partners and includes private investment firm Gallatin Point Capital LLC.

Canopius was established in 2003 and wrote more than $1.5bn of premium income in 2017 and become a top 10 insurer at Lloyd’s.

With support from Centerbridge and Gallatin, Canopius said that it is “poised for growth” on a scalable platform when conditions are conducive, adding that it will continue to focus on underwriting excellence and enhancing its value-added capabilities in support of brokers and clients.

The standalone business will be led by chairman Michael Watson and recently appointed group chief underwriting officer (CUO) Mike Duffy.

Watson commented: “I am delighted to herald the dawn of an exciting new chapter in Canopius’ journey. This has re-energised 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 (re)insurance franchise.”

Senior managing directors at Centerbridge, Ben Langworthy and Matthew Kabaker said: “We’re very happy to have completed the investment in Canopius. Working with Michael Watson, Mike Duffy and the Canopius management team over the past few months has reinforced our view that this is a business with strong leadership and a clear strategy for the future. We recognise that 2018 marks a milestone year for Canopius being that it is 15 years since its original foundation. We believe Canopius has a great opportunity to build on its outstanding track record and look forward to helping grow the business responsibly.”