Sompo Canopius AG (“Sompo Canopius”) today announces the appointment of Tim Phillips as credit & political risk underwriter. He will join the group on 30 August 2017.
Tim joins from Deutsche Bank, where he was head of credit for Russia/CIS & EE. He will underwrite a broad spectrum of credit and political risks, and report to Bernie de Haldevang, who heads the credit & political risk team in addition to his role as global head of specialty.
Sompo Canopius has made a number of hires recently in the credit & political risk and trade credit areas, which form part of targeted plans for broader diversification and expansion of the group’s specialty lines.
de Haldevang commented: “Tim has an encyclopaedic knowledge of the complexity of credit risk; with a detailed understanding of the country and market risk, operational, regulatory and other issues that have to be taken into account. He will be a great asset to our team and I know that our clients and broker partners will appreciate his expertise and the added value he can offer.”
For further information please contact:
Caroline Klein, Sompo Canopius +44 20 3750 2815
David Haggie / Richard Adams, Haggie Partners +44 20 7562 4444
Tim Phillips began his career at Barclays Bank spending time in securities and analyst roles there, before moving to the credit risk department of Daiwa Securities Trust & Banking in 1995. In 1998, he joined UBS Investment Bank, where he spent 13 years, latterly becoming the credit officer responsible for the portfolio of banks, sovereigns and corporates in Russia/CIS, the Baltic states, South Africa and sub-Saharan Africa. In 2011 he moved to Deutsche Bank as director – head of credit for Russia/CIS & EE. His role included co-ordinating approval of new business proposals, complex/structured transactions to include consideration of market risk, legal, compliance, tax, operational and regulatory issues; as well as understanding and articulating country risk issues to global senior management.
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 Mar 2017 Sompo Holdings had total assets of $106 billion, ordinary income of $30.5 billion, ordinary profit/loss of $2.1 million, profit after tax of $1.5 billion and a solvency margin ratio of 748.9%. As of 31 Mar 2017 the company had a market capitalization of $15.1 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
· Casualty, including excess casualty, international general liability, professional indemnity, and financial institutions
· International accident & health
· Household and specialist property / niche personal lines
· Commercial combined for the SME sector
· Specialist Consumer Products including warranty, creditor, mortgage indemnity and accident & health