Canopius
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Plus, the latest people moves and all the top news of the week. -
Canopius will continue to be one of several capacity providers to the MGA.
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The carrier is understood to have had a significant line size on the slip.
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Rachel Webber was most recently head of non-marine at TransRe.
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Michael Shen will be succeeded by deputy Camilla Walker.
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The Lloyd’s carrier is expected to try to claim multiple times under the policy.
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Written premium increased by 31% to $2.41bn as top-line growth brought expense ratios down.
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The carrier has also hired Imogen Wright as underwriter marine and energy treaty.
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The investment comes amid expectations of a new cycle of deals.
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TMK formed its specialty reinsurance unit last year.
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The market is also facing potential losses from injuries to NFL stars.
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The carrier beat QBE to the punch to secure the lead position.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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ASR launched Syndicate 2454 at Lloyd’s last year.
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Conflict between China and Taiwan would be a “game changer” for marine war.
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The group posted an undiscounted combined ratio of 90.2% during the year.
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Fast Track is led by QBE and backed by Canopius, Arch and Beazley.
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The portfolio tracker facility is led by Canopius.
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The specialty reinsurance space has experienced a recent period of talent churn.
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The appointment follows the departure of upstream head Chris Touhey.
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Joe Bonanno has previously worked at Brit and Markel in Bermuda.
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Co-heads of the space unit Chris Gibbs and Richard Parker have left the carrier following the exit from the class.
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US lawmakers are looking to introduce legislation backdating to before the bridge collapse incident.
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Canopius Re CEO Charles Cooper says the growing division will show relevance by taking large lines on limited deals.
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Insurance contract written premium increased by 23% to $1.84bn.
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Mark Houghton, who joins from Axa XL, will report to group CUO Sam Harrison.
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He succeeds Watson, who will continue to support Canopius in an advisory capacity.
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The pair join from Validus Re and Axa XL.
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Soon Keen Lee succeeds Mark Newman, Canopius’ new UK CEO.
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Combined ratios have improved as prices rise and investments return to profit.
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The carrier said it had also experienced a healthy start to 2024.
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Slipstream will be available to marine, cargo and logistics UK clients.
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The carrier made four new hires to the global credit and political risk team.
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Canopius has also appointed Uwe Schoberth as head of distribution, US and Bermuda.
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Canopius will write a 2.5% line on the multi-class facility, while Axa XL will write 1%.
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Interim UK CEO Kate Roy will step down from the position but retain her role as group COO.
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The executive will work within the retrocession and property specialty division, as well as supporting the London market and global production activity.
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The community solar binder is led by Canopius, targeting $2mn-$20mn solar projects.
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Charles Cooper will be responsible for the development of a significant growth driver for the business.
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The portfolio will focus on international risks with a focus on the US market.
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At first, Canopius will write non-proportional aviation reinsurance with an aim to quickly establish itself as a lead market.
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Charity Bare joins from Nephila Syndicate Management Limited, where she spent five years as director of risk and compliance.
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The group said it remains committed to its reinsurance, specialty and short-tail units.
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The syndicate booked net unrealised losses of just under £40mn and an investment loss of 2.3%.
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Harrison spent 25 of his 30-year-long career at QBE, most recently as group chief underwriting officer, a role he held since 2021.
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For its regional divisions, the carrier reported combined ratios of 84% for the US and Bermuda along with 96% for the UK.
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The deal involved the use of a non-payment credit insurance policy covering exposure on a GuarantCo portfolio transaction.
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The appointment comes following the departure of Stephen Haynes, who has joined Argenta.
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David Mutton joins from Axa XL, where he held the position of senior casualty underwriter for Australia.
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Canopius also added Jade Weaver, former management and professional lines underwriter at Argo, to its Bermuda team.
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It is understood that Axis and Canopius lead the facility, which considers clients from any industry sector in providing excess capacity.
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The group’s operating results have improved, but the ratings agency warned that further action could be taken if risk-adjusted capital levels did not rise.
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The exit highlights increasingly difficult conditions in the retro and reinsurance markets.
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New recruit James Pearson will report to group CFO Gavin Phillips.
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The Canopius MGA has reached $130mn of premium, but is moving to secure third-party support to scale up further.
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The executive assumed her position as part of a management overhaul under the new leadership of group CEO Neil Robertson.
