19 May 2014 Insurance

Canopius splits marine and energy division

Canopius, the specialty re/insurance underwriting platform for NKSJ Holdings, has separated its existing marine and energy unit into two dedicated divisions.

The creation of the distinct divisions is designed to maximise the growth opportunities available to Canopius following its acquisition by leading Japanese insurer, NKSJ, through its principal subsidiary Sompo Japan Insurance.

The marine division will continue under the leadership of Joyce Webb, who joined Canopius in 2004 and has more than 35 years’ experience in the marine insurance market.

Webb will focus on developing Canopius’s marine liability, cargo, specie and hull lines of business.

The energy division will be led by Steve Warren, who is promoted to divisional underwriter. Warren has more than 30 years’ experience as an energy insurance specialist and joined Canopius in 2006.

Both will report directly to global specialty chief executive officer, Stephen Gargrave.

Gargrave said: “The combination of Canopius’s expertise in specialty lines underwriting and NKSJ’s financial strength and additional geographic reach presents us with tremendous potential for growth.

The creation of dedicated marine and energy divisions is a logical step that will allow us to focus more effectively on our ambitions in both of these markets. The energy sector in particular is an area in which we have identified significant scope for expansion from hubs in the US, Middle East and Asia as well as in Latin America.”

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