Sompo Canopius confirms Centerbridge-backed MBO

Sompo Canopius is to change hands through a $952mn MBO backed by
private equity firm Centerbridge, asfirst reported by The Insurance Insider.
The deal with Japanese seller Sompo also includes private
investment firm Gallatin Point Capital LLC, while management, led
by executive chairman Michael Watson and chief underwriting officer
Mike Duffy, will take a small stake.
On completion of the transaction, Canopius will become a
standalone business.
It is understood that the all-cash deal will value