Canopius Group has signed a deal with minority shareholder Samsung Fire and Marine Insurance to underwrite US business on its A++ rated paper. Initially, the ocean marine and management and professional lines teams of Canopius Underwriting Agency will write admitted business using SFMI’s paper. This complements Canopius USA’s existing ability to write non-admitted business through Canopius US Insurance, and Canopius Lloyd’s Syndicate 4444.
Lisa Davis, president and chief underwriting officer of Canopius USA, said: “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 US.”
“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 and Marine Insurance."
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