Canopius to use Samsung Fire & Marine paper for US admitted business
Canopius will write US admitted business on the highly rated A++ paper of its substantial minority stakeholder Samsung Fire and Marine Insurance (SFMI) as the companies seek to develop opportunities in partnership across the globe.
The first classes to write admitted business using SFMI’s paper will be the ocean marine and management and professional lines teams of Canopius Underwriting Agency.
The agreement marks a deepening of the relationship between the two companies after SFMI first bought into the business in 2019.
The carrier said the agreement will complement Canopius USA’s ability to write non-admitted business through Canopius US Insurance and Syndicate 4444.
News of the strategy follows the appointment of Lisa Davis as president and CUO of Canopius USA last year, as the carrier looked to build its presence across the Atlantic.
The carrier said Davis had made “great strides” in her first year, with Canopius USA doubling its GWP in 2020 and set to nearly double premium income again in 2021.
Canopius said the finalisation of the partnership with SFMI will aid its plans to expand its specialty business offerings in the US.
Chairman and CEO of Canopius Group Michael Watson said the agreement “marks the most important step to date” in the relationship with SFMI.
“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,” he explained.
Earlier this year, it emerged that Canopius was planning to float on the London market, but the planned IPO was delayed until after the US storm season, when it will reassess the situation.