Agency Network SIAA Acquires MGA Canopy Specialty Insurance

Insurance agency network SIAA reports it has acquired Canopy Specialty Insurance, a specialty commercial property/casualty managing general agent (MGA) with operations in the U.S. and U.K.

The addition of Canopy adds specialized underwriting and product development capabilities to SIAA’s broader distribution and intelligence platform.

Terms of the transaction were not disclosed.

“Independent agencies continue to see significant demand for specialty coverage, but solutions for these niche specialty risks have not been easy to come by,” said Matt Masiello, CEO of SIAA.

Canopy brings existing programs, carrier relationships and wholesale distribution across its operations. The company focuses on niche commercial specialty risks for small and mid-sized businesses spanning contractors’ liability, excess casualty, legal indemnity programs and more. Canopy has offices in Florida and New Jersey.

Under CEO Justin Tweedie’s leadership, Canopy will maintain its underwriting authority, existing carrier capacity and wholesale relationships.

Canopy underwrites on behalf of exclusive “A” rated US insurance companies and Lloyd’s of London Syndicates. It is fully licensed in all 50 states and holds property/casualty and surplus lines licenses in every state.

Tweedie said that with SIAA’s resources and broader distribution capabilities, he sees “significant opportunity” to expand Canopy.

SIAA – The Agent Alliance — has more than 5,200 independent agency members writing more than $18 billion in total premium. Canopy complements SIAA’s broader distribution strategy that includes the Agent Alliance, retail distribution through Sequel Insurance Agencies and wholesale distribution via Xchange.

New Hampshire-based SIAA said it will initially focus on supporting Canopy’s established programs and wholesale relationships before expanding.

In 2021, private equity firm Odyssey Investment Partners joined with management of SIAA to acquire the company.