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Swiss insurer consolidates its global reinsurance business

Posted On: Sep. 14, 2015 12:00 AM CST

Canopius Group A.G. is forming an integrated global business unit to manage the assumed reinsurance business previously written separately by Canopius and Sompo Japan Nipponkoa Insurance Inc., Zurich-based Canopius announced Sunday.

The new global reinsurance business unit will use two underwriting platforms: the existing Canopius Lloyd’s of London platform and, subject to regulatory approval, a Zurich-based reinsurance company, Sompo Japan Canopius Reinsurance A.G., said Canopius in the announcement. The new company is expected to start underwriting by Jan. 1, 2016. In line with Canopius’ position as a specialty reinsurance platform for Sompo Holdings, the new company will be a subsidiary of Canopius

Markus Eugster will head the new business unit and serve as chief executive of Sompo Japan Canopius Reinsurance A.G. Mr. Eugster previously served as XL Catlin’s chief market & operating officer EMEA as well as chief underwriting officer for Catlin Re Switzerland Ltd.