CHICAGO — April 13, 2023 — Canopius Group, a global specialty reinsurer, and Theodore Tunick and Marshall & Sterling, a broker for all lines of business and personal insurance, announced today an agreement with Samsung Fire and Marine Insurance (SFMI) to offer admitted auto coverage to personal and commercial insureds in the U.S. Virgin Islands. This agreement marks an important step in Canopius’s ongoing partnership with its minority shareholder SFMI and its implementation in the U.S. Virgin Islands (USVI).
Under this agreement, Canopius will be underwriting risks for both commercial and private auto clients in the U.S. Virgin Islands using SFMI admitted paper. Canopius used Lloyd’s of London admitted paper to write its USVI auto coverage until Lloyd’s announced that it was to relinquish its admitted licenses in the U.S. Virgin Islands, as well as Illinois and Kentucky, in January 2021.
“Our new agreement with SFMI comes at the right time and will considerably drive Canopius’s expansion in the U.S. Virgin Islands,” said Lisa Davis, Chief Executive U.S. and Bermuda at Canopius. “We were able to maintain and reinforce our auto coverage lines in the region by partnering with SFMI, a reliable name in the insurance industry and a strong successor to Lloyd’s previous role on the islands.”
Canopius has a substantial history with the leading retailer in the USVI, Theodore Tunick and Marshall & Sterling, writing auto physical damage and liability for commercial and private passengers since 2007. “Canopius and Theodore Tunick and Marshall & Sterling are now positioned to play a vital role in the U.S. Virgin Islands,” said Mark Robertson, President at Theodore Tunick. “This agreement with SFMI will further deepen our partnership with Canopius and we are confident this will drive strong growth to our business.”
SFMI and Canopius’ partnership expanded in 2021 when it was announced the company would underwrite U.S. admitted business on its highly rated A++ paper.