Lloyd's of London insurer Canopius plans to list on UK stock market next year

The private equity owners of Canopius are planning to list the Lloyd’s of London insurer on the UK stock market next year, according to City AM.

A consortium led by US investor Centerbridge Partners is reportedly favouring an IPO over a sale as part of its review into exit options for Canopius, as reported by City AM.

The group has enlisted the services of Fenchurch Advisory Partners to assist with the process. Despite volatile markets causing Canopius to abandon previous IPO preparations in 2021, a successful float at the desired valuation would provide a much-needed boost to London's struggling stock market.

Since its establishment in 2003, Canopius has risen to become one of the largest insurers at Lloyd's. In addition to its City base, it boasts offices in the US, Bermuda, Singapore, Australia and China.

The speciality and property and casualty insurer was acquired by a consortium led by Centerbridge from Japan’s Sompo for £737m in 2018. Among Canopius' other supporters is South Korean company Samsung Fire & Marine Insurance.