Sompo Canopius grows mining capacity to £25 million

Specialty re/insurer Sompo Canopius has entered into an agreement with Travelers Syndicate 5000 to increase the capacity for its mining coverage.

 

The company said its heavy industry team secured additional capacity from Travelers Syndicate 5000, expanding the full capacity for the mining portfolio to US$30 million (£24.5 million) as of March 01.

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“We have been working hard to ensure that we offer our brokers and clients the best and most appropriate products,” said Spencer Pearce, the head of heavy industry at Sompo Canopius who will underwrite the cover through a Lloyd’s consortium.

 

“I am confident that our capacity and expert knowledge mean brokers need not look anywhere else to place their mining risks,” he added.

 

Pearce joined Sompo Canopius in September 2016 to run the heavy industry business, a new line for the group that covers mining, chemical and heavy industrial property business globally.

 

His appointment was followed by the addition of mining engineer Andy Fynn, who will support the heavy industry function by working with brokers and clients to fully assess risk from a qualified and experienced viewpoint.