Canopius launches US underwriting agency

Canopius Group, the specialty re/insurance platform of Sompo Japan, has expanded its US presence with the launch of Canopius Underwriting Agency (CUAI).

Based in New York, CUAI will underwrite domestic facultative property reinsurance business on behalf of Canopius Syndicates 4444 and 958.

James McAloon, Timothy Houck, and Daisy Ng, formerly of Citation Re, have joined the team. As part of the hiring agreement, CUAI will also provide run off underwriting services for Citation Re.

Canopius said the creation of CUAI provides it with an extended US footprint and product range.

CUAI will form part of Canopius’s global property business unit led by Mike Duffy, chief executive office global property.

Jim Giordano, chairman of Canopius US, said: “This is a significant advancement for Canopius as it increases product line and distribution versatility for the group. I’ve known Jim McAloon for many years and am confident he and his team will create a solid foundation for this platform. I also want to thank Citation Re for enabling an orderly transition.”

McAloon added: “Becoming part of an underwriting organisation like Canopius is exciting as it enables us to expand our line sizes and trading partner relationships, backed by the excellent financial strength of our new parent company.”