Canopius eyes former clients
Canopius is looking to re-engage
with some of the former clients in
the Japanese market it had prior
to ownership by Sompo, chairman Michael
Watson, and Asia-Pacific and MENA chief
executive officer Mark Newman, told SIRC Today.
“Because of that ownership we had to
relinquish much of our business, and it’s a
market we know well and value,” said Newman.
Specialty re/insurer Canopius has been sold
by Sompo Japan Nipponkoa Insurance to a
private equity consortium led by Centerbridge,
a deal that was announced in September 2017
and completed earlier this year.
Prior to ownership by Sompo, Watson
explained, Canopius provided capacity to the
three big Japanese companies, Tokio Marine,
Mitsui Sumitomo and Sompo itself. However,
once owned by Sompo, he suggested, Mitsui
Sumitomo and Tokio did not want to deal
with a Sompo subsidiary, which resulted in
the company losing books of business.
“We were obliged to be out of the Japanese
marketplace. Now being independent of
Sompo once again, not only can we hope to
re-establish a trading relationship, but there’s
no reason we can’t establish a relationship
with anyone,” said Watson.
He suggested that relationships in Japan tend
to be predominantly treaty reinsurance, and that
Canopius would be swimming against the tide
by developing its facultative specialities there.
“Over the last five years, we have seen more
regional business placed within the region.
This includes Japan,” said Newman.
“We are location-neutral on where we see
the business, and we will work as one global
team in our underwriting approach.”
Canopius has been reinforcing its presence
in the region through a series of hires of Asia-
Pacific expertise such as Yann Marmonier as
head of insurance Asia Pacific & MENA, and
Nattakorn Wattanaumphaipong as head of
reinsurance Asia-Pacific. l
Michael Watson (left) and
We were obliged
to be out of the