Global specialty re/insurer Canopius Group Ltd has acquired a majority stake in Bermudian-based specialty reinsurance group MultiStrat Holdings Ltd.MultiStrat will continue to operate autonomously and will retain its brand, the company said.Michael Watson, chairman and chief executive officer of Canopius, said: “We’re very pleased and excited that Bob Forness and the MultiStrat team are joining the Canopius Group. With a strong track record in the casualty ILS market MultiStrat is recognised for innovation and building strong partnerships with investors and reinsurers.”He added: “We believe that the addition of MultiStrat will be highly complementary to our existing ILS operations based in Bermuda. We’re confident that with active support from Canopius, MultiStrat can broaden its capabilities and grow profitably in the future.” Mr Forness, chief executive officer of MultiStrat, said: “As the market and thought leader in optimising the transfer of casualty risk to the global capital markets, MultiStrat’s innovative products can now be scaled more rapidly with the support of Canopius’ expertise and resources.”He added: “Chemistry is important in finding the right fit and I’ve had the fortunate opportunity to work with Michael Watson on two prior occasions. Casualty ILS capacity works best when paired with traditional capacity, blending the strengths of both to deliver cost-effective coverage for reinsureds and attractive returns for investors.”Canopius is domiciled in Jersey and operates in the United Kingdom, United States, Bermuda, Netherlands, Singapore and Australia, writing in excess of $2 billion in premium annually. It operates Canopius Reinsurance Ltd in Bermuda. Headquartered in Bermuda, MultiStrat writes both prospective and retrospective casualty reinsurance sourced through reinsurance intermediaries. Working with its investment broker dealer partners, it places casualty ILS transactions with alternative investors, the company said. Stonybrook Capital served as the exclusive financial adviser to MultiStrat on the transaction.