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Mexican insurer gains access to Lloyd's market with partnership

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Specialty insurer and reinsurer Sompo Canopius A.G. and Mexico City-based insurer Grupo Nacional Provincial SAB said Tuesday that they have formed a strategic partnership.

The arrangement would enable the companies to develop new business and insurance products for the Mexican market and would enable GNP to broaden its portfolio to include international risks through participation in Sompo Canopius' multiline Lloyd's of London syndicate 4444, the companies said in a joint statement.

GNP underwrites commercial and personal lines insurance including property/casualty, auto, life and health and posted premium volume of $2.73 billion for 2015, according to the statement.

“The combination of our underwriting skills and specialist expertise and GNP's understanding of the local market and established distribution will allow us together to develop new business and broaden our knowledge base,” Stuart Davies, CEO of London-based Sompo Canopius, said in the statement.