Credit Risk
Insurance
We participate on both large syndicated placements and a number of risks on a 100% basis. The business is written mainly through Lloyd’s brokers with whom we work closely to provide cover appropriate to their clients’ requirements. We have the capacity, ability, preference and general appetite to lead business; we take a lead or co-lead position for most risks in which we participate.

We offer:
- Aircraft/marine (leased asset) repossession
- Approved to write financial guarantee and non-trade related credit business
- Breach of contract / non-payment / non-delivery by a government or private counterparty
- Credit insurance and contract frustration: comprehensive non-payment or non-delivery cover public or private counterparty
- Embargo and currency inconvertibility
- Non-honouring of refund guarantees
- Political all-risks including political force majeure, war & terrorism and consequential loss
- Pre-export Finance (PXF) protection – public and private supplier
- Receivables protection
- Reserve base loans, borrowing base facilities, and other also non-trade relating lending
- Trade credit protection – single obligor/buyer
- Unfair/fair (political) calling of bonds and standby letters of credit issued through banks
- Open to all countries (except sanctioned)
What we do
- Banks and financial institutions
- Export credit agencies and multilateral organisations
- Large corporates
- Traders
- Energy and renewables
- Financial institutions
- Fund financing
- Government/sovereign obligations and government agencies
- Infrastructure
- Large corporate
- Manufacturing
- Metals & mining
- Shipping
- Technology, telecoms and associated infrastructure
- Approved to write non-trade related credit business
- Breach of contract/non-payment/non-delivery by a government or private counterparty
- Credit Insurance and contract Frustration: comprehensive non-payment or non-delivery cover public or private counterparty
- Embargo and currency inconvertibility
- Non-honouring of refund guarantees
- Political all-risks including political force majeure, war & terrorism and consequential loss
- Pre-export finance (PXF) protection – public and private supplier
- Receivables protection
- Trade credit protection – single obligor/buyer
- Unfair/fair (political) calling of bonds and standby letters of credit issued through banks
- Asset-backed financing
- Collateralised loan obligations
- Financial market derivates
- Fund financing including capital call facilities through the fund lifecycle
- Leverage finance
- Project finance
- Reserve base loans, borrowing base facilities, and other also non-trade relating lending
- Significant risk transfer for securitisation
Up to 15 years (20 years may be available by arrangement).
Speak to one of our specialist underwriters













FAQs
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Credit Risk insurance is a type of insurance policy that protects businesses from financial losses due to non-payment by their customers. It ensures that businesses are covered if their buyers are unable to pay for goods or services, whether due to insolvency, bankruptcy, or other payment defaults.
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Businesses of all sizes, from small enterprises to multinational corporations, that extend credit to their customers can benefit from Trade Credit insurance. It is particularly useful for companies operating in industries with significant payment risks or those looking to expand into new markets.
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While closely related, Credit Risk insurance and Trade Credit insurance serve different needs.
Trade Credit insurance typically covers short-term, transactional non-payment risks in business-to-business trade — such as unpaid invoices due to buyer insolvency. It’s commonly used by exporters and manufacturers with high volumes of receivables.
In contrast, Credit Risk insurance is broader and more strategic. It’s often used for longer-term, structured or sovereign-backed obligations, including political risk, non-honouring of guarantees, and project finance exposures.
At Canopius, we underwrite both trade and non-trade credit risks, including bespoke cover for fund finance, infrastructure lending, and capital market structures.
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Credit Risk insurance can be tailored to cover a wide range of complex financial exposures beyond simple payment default.
Typical risks include commercial non-payment by private buyers, sovereign default, and political risks such as expropriation, war, terrorism, embargoes, currency inconvertibility, and contract frustration.
Our policies are often structured for financial institutions, corporates, and export credit agencies. They support long-term lending, project finance, receivables-backed structures, and strategic investments in emerging markets.
Latest Canopius credit risk news
Canopius Strenghthens its Global Credit & Political Risk Team with Four Hires
London, 29 January 2024 – Canopius Group, a leading global specialty (re)insurer, today announces the appointments of Angelos Deftereos as Head of Structured Credit and...
Find out more