Sompo Canopius considering exit of UK motor business with KGM sale

Sompo Canopius, the the global specialty re/insurer, is considering selling KGM, its UK motor

The firm said that despite a satistfactory profit last year, it is aiming to focus on its global specialty re/insurance.

“Sompo Canopius’s UK motor business made a satisfactory profit in 2015, but given our overall strategic focus on global specialty insurance and reinsurance we are considering a range of options for its future, including ownership by a partner more focused on UK retail insurance business,” said the firm.

The news comes just one month after the firm made a number of changes to its organisational structure - simplifying its underwriting management and structure, which it said would enhance cohesiveness and focus on profitability across the group

Sompo Canopius also made changes to its executive team last month, inclduding the appointment as Mike Duffy as group chief underwriting officer, responsible for all underwriting operations.