Bregal's Canopius attracts Japanese bid

According to a statement from Sompo parent NKSJ Holdings, the group is considering the acquisition but nothing has been decided yet.

Bregal initially invested £30m from its Bregal Fund I vehicle in December 2003 to back the management buyout of Trenwick's Lloyd's operations, according to unquote" data. The deal saw the creation of newco Canopius.

Bregal has continued to fund the company, with its all-equity investment rising to a total of €52m in 2004. Then, in early 2008, the buyout house invested a further €59m of growth capital from its second fund to support new growth opportunities. This brought Bregal's total investment in the group to €111m.

Canopius is an insurance and reinsurance group underwriting a diversified portfolio of business. The company operates in the UK, Ireland, Switzerland, Bermuda, the US, Singapore and Australia. The group is separated into three business divisions: Global Property, Global Speciality and UK Retail.

In 2012, Canopius produced an after-tax profit of £49m. The company employs around 560 people.

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