Canopius drives growth at Sompo

Lloyd’s insurer Canopius Group drove strong growth at its parent company, Sompo Japan Nipponkoa, in the first quarter of the financial year.

The specialty re/insurance platform pushed international profits up 99 percent to ¥5.2 billion ($40 million) in the first quarter of the financial year 2015, compared with ¥2.6 billion in the first quarter of the financial year 2014.

Within the international segment, net premiums written increased 58 percent to ¥78.5 billion, compared with ¥49.8 billion in the same period of the prior year. Canopius posted net premiums written of ¥34.2 billion for the period.

Overall, Sompo’s profits hit ¥19.3 billion in the quarter, compared with a loss of ¥2.5 billion in the first quarter of the financial year 2014.