Canopius & Sompo Form Global Reinsurance Unit, Sompo Canopius Re

Canopius Group AG* announced the formation of an integrated global business unit to manage the assumed reinsurance business previously written separately by Canopius and Sompo Japan Nipponkoa Insurance Inc.

The business unit will be led by a single management team and will operate with a consistent underwriting philosophy under a shared brand: Sompo Canopius Re.

The new global reinsurance business unit will utilize two underwriting platforms: the existing Canopius Lloyd’s platform and, subject to regulatory approval, a Zurich-based reinsurance company, Sompo Japan Canopius Reinsurance AG.

This company is expected to start underwriting by January 1, 2016. In line with Canopius’s position as a specialty re/insurance platform for Sompo Holdings, the new company will be a subsidiary of Canopius. It will be separately capitalised and backed by a parental guarantee from Sompo Japan Nipponkoa Insurance Inc.

Markus Eugster will head the new business unit and serve as chief executive of Sompo Japan Canopius Reinsurance AG, reporting to Mike Duffy who will become chairman in addition to his other responsibilities. Eugster joins from XL Catlin where he was chief market & operating officer EMEA as well as chief underwriting officer for Catlin Re Switzerland Ltd.

Patrick Schumacher and Sylva de Fluiter also join as chief financial officer and chief operating officer, respectively. Other members of the global reinsurance senior leadership team comprise Jamie Wakeling, chief underwriting officer, and Yoshitaka Abe, head of strategic business development. The management team appointments are subject to regulatory approval.

In addition to its Zurich headquarters, it is planned that the new company will establish branch offices in Asia, Bermuda and the U.S. Together with the Lloyd’s platform, this will provide the combined global reinsurance business with enhanced local presence in its key strategic hubs.

“Our new global business unit will harness the shared expertise and experience of the Canopius and Sompo teams and epitomize the ‘one game, one team’ ethos that is central to our way of working,” commented Duffy.

“I am delighted that Markus, Patrick and Sylva have agreed to join us and I look forward to working with our new reinsurance leadership team as we build the global business,” he said. “Our company platform will be an important component of our strategy and, by complementing our Lloyd’s operations, will enable us to offer brokers and clients increased choice, reach and scale in our delivery of high quality specialist products.”

*Canopius is wholly owned by Sompo Japan Nipponkoa Insurance Inc., one of the top three Japanese insurers with a market share in Japan of 28 percent. This company is a subsidiary of Sompo Japan Nipponkoa Holdings Inc.

Source: Canopius Group