Insurance group Canopius has ceased writing new space business.
The specialty lines (re)insurer – which operates via multiple underwriting platforms in Asia, Australia, Bermuda, the UK, and the US – revealed the runoff in a statement.
A Canopius spokesperson told AM Best’s news service BestWire in an email: “Canopius can confirm that it has ceased 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 space Lloyd’s consortium.”
According to the written confirmation, the runoff of the space book will be managed by Canopius itself to ensure “the highest standards” are maintained in servicing the existing portfolio.
Meanwhile the exit, the reasons for which were not explained, meant the departure of space co-heads Chris Gibbs and Richard Parker.
The development comes on the heels of Canopius US Insurance’s collaboration with WTW Corporate Risk and Broking North America and Verita Capital Solutions to launch a new property insurance facility designed to provide capacity via Canopius’ US excess & surplus paper.
Client Edge Facility is aimed at covering large and complex property risks, as well as middle-market property risks for shared and layered programs within WTW’s US property book.
“Listening to the needs of clients was the driving force behind the development of Client Edge Facility, an innovative property solution,” Lisa Davis, chief executive for the US and Bermuda at Canopius, said recently. “Being able to address evolving client demands in a nimble way such as this is core to how we do business.”
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