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Canopius Group Ltd., the London-based insurance and reinsurance platform of Sompo Japan Nipponkoa Holdings Inc., has launched a U.S.-based underwriting agency, it announced Wednesday.
Canopius Underwriting Agency Inc. is based in New York and will underwrite domestic U.S. facultative property reinsurance business on behalf of Canopius’ Lloyd’s of London syndicates 4444 and 958.
Canopius also said it had hired three underwriters from Citation Re L.L.C., a subsidiary of Montvale, New Jersey-based excess and surplus lines wholesaler Jimcor Agencies.
James McAloon, Timothy Houck and Daisy Ng will begin underwriting for CUAI this month, Canopius said in a statement.
As part of the hiring agreement, CUAI will provide run-off services for Citation Re, it said.
Sompo Japan Insurance Inc., the principal subsidiary of Tokyo-based insurance group NKSJ Holdings Inc., will buy Canopius Group Ltd., a Guernsey-based Lloyd's of London managing agency, the companies announced Wednesday.