One of Lloyd's of London's largest insurers has been sold by its Japanese owners in a deal worth $952m (£740m).
Canopius, a top 10 firm with premium income in excess of £1.6bn, has been sold by Sompo to a consortium led by Centerbridge Partners, it was announced this morning.
Expected to complete in the first quarter of 2018, the deal means listed Japanese insurance giant Sompo will have made a £146m profit after buying Canopius for £594m in 2014.
Sompo president and chief executive Kengo Sakurada said it had become "increasingly clear that the culture and business mix of the two companies [Endurance and Canopius] were very distinct and that the combination would not necessarily be advantageous to either party".
Centerbridge was supported by private equity fund Gallatin Point and will create "a standalone business" through a management buy out.
The new owners said the current management team of executive chairman Michael Watson and chief underwriting officer Mike Duffy would remain in their positions.
Watson said: "This provides us with a golden opportunity to create a world class specialty (re)insurance franchise through harnessing the extraordinary talents of our staff and the acumen and financial resources of new owners Centerbridge."
Sompo was advised by Macquarie Capital and GC Securities, with and Mishcon de Reya providing legal support.