The holding company for two Bermuda firms is to discontinue in Bermuda and base itself in Switzerland.

Canopius Holdings Ltd announced it would make the move in a statutory notice in The Royal Gazette this week.

But Stephen Hartwig, CEO of Canopius in Bermuda, said: “As a result of this, there won’t be any jobs leaving Bermuda.”

Mr Hartwig added that the change was part of an “overall restructuring” taking place across the multinational Canopius Group in the wake of the buyout of the group by Japanese insurance giant Sompo Japan Nipponkoa Holdings Inc two years ago.

Canopius owns two companies in Bermuda: Canopius Reinsurance Limited and Canopius Underwriting Bermuda Limited.

Canopius Reinsurance Limited is a Class 3A reinsurance company with capital of more than $925 million.

It writes structured reinsurance treaty business sourced via Canopius Ireland.

The company also provides capital support to Canopius Group’s underwriting operations at Lloyd’s.

Canopius Underwriting Bermuda Limited is a wholly-owned Bermuda-based underwriting agency that operates as a Lloyd’s-approved coverholder for Syndicate 4444 and underwrites excess casualty business.

The $870 million acquisition of Canopius in 2013 by Sompo, one of the largest insurance groups in Japan, was one of the biggest buys ever made by the company.

Canopius, which is incorporated in Guernsey, also has offices in Britain, US, Holland, Switzerland and Singapore. It employs around 700 people worldwide.