Sompo Canopius’ Mining Capacity Rises to $30M with Travelers Syndicate Support

Sompo Canopius AG announced that its heavy industry team has secured additional capacity for its mining cover from Travelers Syndicate 5000 at Lloyd’s.

This takes full capacity for the mining portfolio up to US$30 million as of March 1, 2017, Sompo Canopius said, noting that the cover will be underwritten by Spencer Pearce as a consortium through Lloyd’s.

Spencer Pearce joined Sompo Canopius in September 2016 to run the heavy industry business – a new line for the group that covers mining, chemical and heavy industrial property business globally.

“Since I joined Sompo Canopius, we have been working hard to ensure that we offer our brokers and clients the best and most appropriate products,” said Pearce.

He pointed to the new capacity agreement with Travelers along with the recent hiring of Andy Fynn as senior mining engineer as evidence of the positive steps taken.

A specialty re/insurer, Sompo 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.

Source: Sompo Canopius