Specialty reinsurer Canopius Group, and Theodore Tunick and Marshall & Sterling, a broker for all lines of business and personal insurance, have announced an agreement with Samsung Fire and Marine Insurance (SFMI) to offer admitted auto coverage to personal and commercial insureds in the US Virgin Islands (USVI).
The agreement represents an important milestone in Canopius’ ongoing partnership with its minority shareholder SFMI and its implementation in the USVI.
Under the agreement, Canopius has confirmed that it will underwrite risks for both commercial and private auto clients in the USVI, using SFMI admitted paper.
Previously, Canopius used Lloyd’s of London admitted paper to write its USVI auto coverage until Lloyd’s announced that it was to relinquish its admitted licenses in the US Virgin Islands, as well as Illinois and Kentucky, in January 2021.
Lisa Davis, Chief Executive U.S. and Bermuda at Canopius, commented: “Our new agreement with SFMI comes at the right time and will considerably drive Canopius’s expansion in the U.S. Virgin Islands.”
She added: “We were able to maintain and reinforce our auto coverage lines in the region by partnering with SFMI, a reliable name in the insurance industry and a strong successor to Lloyd’s previous role on the islands.”
Mark Robertson, President at Theodore Tunick, said: “Canopius and Theodore Tunick and Marshall & Sterling are now positioned to play a vital role in the U.S. Virgin Islands.
“This agreement with SFMI will further deepen our partnership with Canopius and we are confident this will drive strong growth to our business.”
Canopius recently partnered with managing general agent (MGA), Falvey Insurance Group (FIG) to offer inland marine coverage in the US.
Meanwhile, in their 2022 financial results, Canopius reported that GWP increased to $2,338 million, up from $2,220 million in 2021, with growth seen in all geographies.
