Canopius Group, a global specialty (re)insurer, announced an agreement with Samsung Fire and Marine Insurance (SFMI), its substantial minority shareholder and business partner, to underwrite U.S. admitted business on its A++ rated paper. This agreement marks the most significant business cooperation to date between the two parties as they seek to develop opportunities in partnership across the globe.
As a first step under this agreement, the Ocean Marine and Management and Professional Lines teams of Canopius Underwriting Agency Inc. (CUAI) will write admitted business using SFMI’s paper. Canopius USA’s writes non-admitted business through Canopius US Insurance Inc. (CUSI) and Canopius Lloyd’s Syndicate 4444, as well.
The Group’s U.S. admitted partnership with SFMI will help Canopius USA expand its offerings in the specialty insurance market, the company said in a statement. Currently they include open market property, ocean marine, management and professional and cyber business distributed through a broad range of insurance market intermediaries including retail and wholesale agents and brokers. Canopius USA also supports additional lines including property, general liability, auto and surety through partnerships with specialized managing general agents.
“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, who was appointed as president and chief underwriting officer of Canopius USA in September 2020. “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.” The announcement stated that Canopius USA doubled its gross written premiums in 2020 and will nearly double again in 2021.
“This agreement marks the most important step to date in our deepening relationship with Samsung Fire & Marine Insurance,” said Michael Watson, chairman and CEO of Canopius Group, in a statement.
Canopius USA is a specialty insurer serving clients throughout the United States including New York, Chicago, San Francisco, Atlanta and Charlotte. As part of global specialty insurer Canopius Group, Canopius USA is comprised of Canopius US Insurance Inc. (CUSI) and Canopius Underwriting Agency Inc. (CUAI). CUSI is an insurance company licensed in all 50 states that writes excess and surplus lines binding authority business through a select number of distribution partners. CUAI is an MGA, underwriting solutions for Open Market Property, Ocean Marine, Management & Professional Lines and Cyber business.
Source: Canopius Group