The Baldwin Group takes majority stake in MultiStrat

The Baldwin Group has acquired a majority stake in Bermuda-based casualty ILS platform MultiStrat Re , with Canopius exiting its investment.

The deal adds alternative reinsurance capital capabilities to Baldwin’s offering, supporting cedants and MGAs with access to non-correlated capital. Financial terms were not disclosed.

MultiStrat, launched in 2012, operates as a collateralized reinsurer, with obligations backed by letters of credit or trust structures. It has written over $2 billion in gross premiums across casualty, specialty, and select non-cat property risks.

The platform connects insurers, captives, MGAs, and institutional investors, including hedge funds and pension funds, and operates across the U.S., Bermuda, UK, and Europe.

The transaction follows a process that began in 2023, as MultiStrat sought a new capital partner to support its next phase of growth.