Canopius comes out of space | Insurance Business America

Insurance group Canopius has stopped underwriting new space business.

The specialist cable insurer (re) – which operates through multiple platforms in Asia, Australia, Bermuda, the UK, and the US – revealed the explosion in a statement.

A Canopius spokesperson told AM Best news service BestWire via email: “Canopius can confirm that it has stopped writing new space business. This was not an easy decision to make as our team has led the market for several years with the largest Lloyd's group.”

According to the written guarantee, the space book flow will be managed by Canopius itself to ensure that the “highest standards” are maintained in the provision of the existing portfolio.

Meanwhile, the exit, for unexplained reasons, means the departure of fellow astronauts Chris Gibbs and Richard Parker.

The development comes after Canopius US Insurance partnered with WTW Corporate Risk and Broking North America and Verita Capital Solutions to launch a new property insurance facility designed to provide capacity through Canopius' US excess and residual paper.

The Client Edge Facility is intended to cover the risk of large and complex structures, as well as the risk of middle market assets in shared and layered systems within WTW's US asset book.

“Listening to the needs of customers was the driving force behind the development of the Client Edge Facility, an innovative logistics solution,” said Lisa Davis, chief executive officer for US and Bermuda at Canopius, recently. “Being able to respond to changing customer needs in a seamless way like this is at the core of how we do business.”

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