14 September 2015 News

Canopius & Sompo reveal integrated reinsurance business

Lloyd’s insurer Canopius Group has formed an integrated unit to manage the assumed reinsurance business previously written separately by Canopius and Sompo Japan Nipponkoa Insurance.

The unit will utilise two underwriting platforms: the existing Canopius Lloyd’s platform and, subject to regulatory approval, a Zurich-based reinsurance company, Sompo Japan Canopius Reinsurance.

The company plans to start underwriting by January 1, 2016 and will be separately capitalised and backed by a parental guarantee from Sompo Japan Nipponkoa Insurance.

Markus Eugster will head the new business unit and serve as chief executive of Sompo Japan Canopius Reinsurance.

Eugster joins from XL Catlin where he served as chief market and operating officer EMEA as well as chief underwriting officer for Catlin Re Switzerland.

He will report to Mike Duffy who will become chairman, in addition to his other responsibilities.

Patrick Schumacher and Sylva de Fluiter also join as chief financial officer and chief operating officer, respectively.

Other members of the reinsurance senior leadership team include Jamie Wakeling, chief underwriting officer and Yoshitaka Abe, head of strategic business development.

The management team appointments are subject to regulatory approval.

In addition to its Zurich headquarters, the new company plans to establish branch offices in Asia, Bermuda and the US.

Duffy said: “Our new global business unit will harness the shared expertise and experience of the Canopius and Sompo teams and epitomise the ‘one game, one team’ ethos that is central to our way of working.

“I am delighted that Markus, Patrick and Sylva have agreed to join us and I look forward to working with our new reinsurance leadership team as we build the global business.

“Our company platform will be an important component of our strategy and, by complementing our Lloyd’s operations, will enable us to offer brokers and clients increased choice, reach and scale in our delivery of high quality specialist products.”

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