AmTrust’s Merger of its Lloyd’s Business with Canopius

Debevoise & Plimpton LLP has advised AmTrust Financial Services (“AmTrust”) in the merging of its Lloyd’s business with Canopius AG

The merger, undertaken through the signing of a definitive sale and purchase agreement, is subject to regulatory approval, and is expected to complete in Q3 2019. Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.

The transaction will create a top-five insurer at Lloyd’s with combined premiums of approximately $2.2bn.

Canopius is a global specialty (re)insurer with underwriting operations in Bermuda, China, Ireland, Netherlands, Singapore, Switzerland, the UK and US.

AmTrust is a multinational insurance holding company headquartered in New York. It offers specialty property and casualty insurance products, including workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.

The Debevoise team advising AmTrust was led by partner David Innes, supported by international counsel Benjamin Lyon. The team also included partner Jeffrey P. Cunard, international consultant Clare Swirski, and associates Clarissa McNerney, Peter Bates, Sarah Hale, Dexter Hoffman, Jose Angel Lamarque and Daniel Priest. Tax advice was provided by partners Rafael Kariyev and Richard Ward, as well as associates Paul Eastham and Samuel D. Krawiecz. Competition advice was provided by international counsel Timothy McIver, as well as associate Anne-Mette Heemsoth. Employment and outsourcing advice was provided by Christopher Garrett.

Involved fees earner: Peter Bates – Debevoise & Plimpton; Jeffrey Cunard – Debevoise & Plimpton; Paul Eastham – Debevoise & Plimpton; Christopher Garrett – Debevoise & Plimpton; Sarah Hale – Debevoise & Plimpton; Anne-Mette Heemsoth – Debevoise & Plimpton; Dexter Hoffman – Debevoise & Plimpton; David Innes – Debevoise & Plimpton; Rafael Kariyev – Debevoise & Plimpton; Samuel Krawiecz – Debevoise & Plimpton; Jose Angel Lamarque III – Debevoise & Plimpton; Benjamin Lyon – Debevoise & Plimpton; Timothy McIver – Debevoise & Plimpton; Clarissa McNerney – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Clare Swirski – Debevoise & Plimpton; Richard Ward – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: AmTrust Financial Services, Inc.;