Canopius eyes US specialty expansion; strikes deal with minority stakeholder
Global specialty re/insurer Canopius has reached an agreement with its substantial minority shareholder and business partner Samsung Fire and Marine Insurance (SFMI) to underwrite US admitted business on its highly rated A++ paper.
The partnership aims to fuel Canopius USA’s plans to expand its offerings in the specialty insurance market.
Under the agreement, the Ocean Marine and Management and professional lines teams of C anopius Underwriting Agency (CUAI) will write admitted business using SFMI’s paper, complementing Canopius USA’s existing ability to write non-admitted business through Canopius US Insurance (CUSI) and Canopius Lloyd’s Syndicate 4444.
“The ability to offer SFMI's highest quality admitted paper provides us with a strong position to grow our business and provide the most value to our partners and insureds in the U.S.,” said Lisa Davis (pictured), the president and chief underwriting officer of Canopius USA.
“This is an exciting time for Canopius USA as we build a company with a flexible and entrepreneurial spirit, backed by the strength and stability of multiple world-class insurance platforms, and the experience of a global specialty lines market leader.”
Michael Watson, chairman and chief executive officer of Canopius Group, added: “This agreement marks the most important step to date in our deepening relationship with Samsung Fire & Marine Insurance. Since their initial investment in Canopius in 2019 we have been collaborating on a variety of business opportunities and I am confident there will be many more to come. That will serve to strengthen further the growing partnership between our two companies.”
SFMI stated: “We are delighted to make the first step with Canopius in entering the biggest market in the world. Through collaboration with Canopius, SFMI expects not only to grow financially but to have a deeper understanding of the dynamics of the U.S. insurance market.”
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