Sompo Canopius AG (“Sompo Canopius”) today announces that its heavy industry team has secured additional capacity for its mining cover from Travelers Syndicate 5000 at Lloyd’s. This takes full capacity for the mining portfolio up to US$30m as of 1 March 2017. The cover will be underwritten by Spencer Pearce as a consortium through Lloyd’s.
Spencer Pearce joined Sompo Canopius in September 2016 to run the heavy industry business – a new line for the group that covers mining, chemical and heavy industrial property business globally.
Pearce said: “Since I joined Sompo Canopius, we have been working hard to ensure that we offer our brokers and clients the best and most appropriate products. With the recent hire of Andy Fynn as senior mining engineer and this new agreement with Travelers, I am confident that our capacity and expert knowledge mean brokers need not look anywhere else to place their mining risks.”
For further information please contact:
+44 20 3750 2815
David Haggie / Richard Adams,
+44 20 7562 4444
About Sompo Canopius AG (“Sompo Canopius”)
1. Sompo Canopius is a global specialty (re)insurer which is wholly-owned by Sompo Japan Nipponkoa Insurance Inc., one of the top three Japanese insurers with a market share in Japan of 28%. This company is a subsidiary of Sompo Holdings, Inc. (“Sompo Holdings”) which is listed on the Tokyo Stock Exchange (No. 8630).
2. As at 31 Dec 2016 Sompo Holdings had total assets of $91 billion, ordinary income of $1.4 billion, profit after tax of $945 million and a solvency margin ratio of 957%. As of 31 Jan 2017 the company had a market capitalization of $15 billion.
3. Sompo Canopius has underwriting operations in the UK, Netherlands, Switzerland, Bermuda, US and Singapore. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents limited); a US surplus lines insurer, Canopius US Insurance, Inc.; and a Zurich-based reinsurance company, Sompo Japan Canopius Reinsurance AG.
4. Sompo Canopius offers the following specialist lines:
· Direct and facultative commercial property
· North American excess and surplus lines binding authorities, including commercial property, SME commercial package, casualty, homeowners, auto
· Property treaty
· Casualty treaty
· Marine treaty
Marine, Energy & Engineering
· Marine insurance, including cargo, liability, property, specie, niche hull and space
· Energy insurance, including property, liability, OEE/COW, construction, renewable
· Construction and engineering
Political Risks & Crisis Management
· Casualty, including excess casualty, international general liability, professional indemnity, and financial institutions
· International accident & health
· Household and specialist property / niche personal lines
· Casualty, including accident & health and professional indemnity
· Commercial combined for the SME sector
· Specialist Consumer Products, including warranty, creditor, mortgage indemnity and accident & health
· Marine including pleasure craft and marine trade
· Motor including personal, commercial and specialist vehicles