On behalf of our entire Canopius USA team, I’m thrilled to share with you some fantastic news about our latest partnership and thank you for supporting our growth as we expand throughout the U.S. specialty insurance market.
Canopius USA has finalized its agreement with Samsung Fire and Marine Insurance (SFMI) to allow our Underwriters in the United States to write business on its highly rated A++ admitted paper.
In November 2020, SFMI made a significant capital investment in Canopius Group. This served to strengthen the partnership between our two companies and our commitment to offering our brokers and distribution partners the most stable and highly rated insurance coverage to manage their clients’ evolving risks.
This partnership with SFMI marks an important step toward achieving our ambitious growth plans in the U.S. specialty market.
Although Canopius has been operating in the U.S. for several years, this is the launch of something new. With this agreement, our underwriting teams throughout the U.S. can now take a more flexible approach with our ability to write business on multiple platforms and paper, including SFMI (admitted), Canopius’ Lloyd’s of London Syndicate 4444 (non-admitted) and Excess & Surplus (E&S) business through Canopius US Insurance, Inc. (CUSI).
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 U.S. We start this partnership by offering Ocean Marine and Financial Lines business on SFMI paper and will look to expand our admitted capabilities over time. 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.
This powerful strategic partnership between Canopius USA and SFMI is a shining example of how together we’re better.
Thank you for your continued trust in us.
Canopius USA President and Chief Underwriting Officer