Current Investment

Canopius

In December 2003, Bregal became the majority shareholder in Canopius. Canopius is a general insurance company operating in the Lloyd's insurance market in London. The Company also has underwriting platforms in Bermuda, Singapore, Dublin as well as various service companies. Canopius underwrites primarily short-tail property risks and some casualty risks with an underwriting premium capacity of approximately £500 million. The Company has been managed since 2001 by Michael Watson, a highly capable and experienced industry executive. Since its initial investment in December 2003, Bregal Fund I has invested a total of £52 million in Canopius.

In early 2008, when it became clear that the company had a need for additional financing beyond the scope of Bregal Fund I in connection with several opportunities to develop and grow the business, Bregal Fund II invested £59 million of additional capital in Canopius.

Contact person: Adam Barron

www.canopius.com