Guernsey-based insurance company Talisman Holdings Ltd. has completed a management buyout of the Lloyd's of London operations of Bermuda-based Trenwick Group Ltd. and rebranded its Lloyd's managing agency as Canopius, Business Insurance magazine has reported.

Canopius will manage composite syndicate 4444, formerly syndicate 839, and life syndicate 44, Business Insurance said on its website.

Syndicate 4444 has capacity of ?250 million ($432.3 million) for the 2004 year of account, while syndicate 44's 2004 capacity is ?3 million ($5.2 million), the company said in a statement.

The managing agency is named after a Cretan scholar who, in 1637, is believed to have brewed the first cup of coffee drunk in England. Lloyd's began life as Edward Lloyd's coffeehouse.

Talisman is based in St. Peter Port, Guernsey, and is majority-owned by the private equity fund Englefield Capital.