November 22, 2017
Canopius has signed an agreement with State National which will enable the carrier to offer specified lines of insurance on admitted paper across the US.
Canopius will be able to provide AM. Best rated A (Excellent) admitted paper - in addition to surplus lines Lloyd’s Syndicate 4444 paper - across its US ocean marine and US management and professional liability business.
The US marine team, which is headed by John Ellis, will be offering broad and bespoke coverage solutions, with tailored product offerings across all ocean marine lines of coverage, with a specific focus on hull and marine liabilities for primary and excess, as well as ocean cargo.
Meanwhile, the US management and professional lines team, which is led by Laurie Banez, has developed various proprietary products including its excess pact, excess policy; private pact, management liability package policies for private companies; and executive pact, public company directors’ and officers’ policy; addressing the various risk management needs for commercial and financial institution risks.
Canopius group CUO Mike Duffy said: “We’ve seen a lot of interest in these products since Laurie and John and their teams came on board. We’re really pleased that we can now capitalise on that interest by offering admitted paper through the State National Group of companies as well as Lloyd’s paper”
In September, it was announced that Canopius would once again become a standalone business after Japanese insurer Sompo Holdings has agreed to sell the Lloyd’s business to a private equity consortium led by Centerbridge Partners in a $952mn deal.
The transaction is expected to close in the first quarter of 2018, subject to regulatory approvals.