International specialty P&C re/insurer Canopius, has announced a strategic restructuring of its underwriting capabilities with the formation of a consolidated Natural Resources team.
This move is a response to a rapidly shifting market landscape, where the boundaries between energy, heavy industry, and construction are increasingly fluid.
The new Natural Resources team integrates energy (upstream, midstream and downstream energy), heavy industry, power and renewables, and construction.
This consolidation will allow underwriters to collaborate with brokers to develop bespoke, cross class solutions for their clients’ needs, reinforcing the insurer’s commitment to providing the best products for insureds.
The team will also bring together technical specialists, in-house engineers and claims experts to enable more efficient and proactive knowledge sharing of emerging risks to inform mitigation and feed into the development of tailored products.
The offering will also be complemented by broader coverage options when necessary, including additional products like sabotage and terrorism, cyber risk, project cargo or casualty.
Furthermore, the team is committed to a hands-on claims process, which will ensure smoother operations through the entire insurance lifecycle.
Mark Houghton, Global Product Leader – Specialty at Canopius, commented: “Our main goal is always to find the best and most efficient way to help our brokers deliver for their clients. With upstream, midstream and downstream energy, as well as power and renewables, mining, metals and chemicals being interconnected, we wanted to make sure we were best set up to reflect the fact that they often require similar expertise.
“With a consolidated team, we can provide a more efficient service across the whole lifecycle from risk mitigation to claims. It is a clear demonstration of our commitment to investing in our people and our proposition to meet clients’ growing and increasingly complex demands.”
