Pivix Specialty Insurance Services Inc., a managing general agency specializing in the excess and surplus lines market, has introduced a property and casualty contract binding program with Canopius US Insurance Inc.
This binding authority facility addresses the smaller commercial property and general liability E&S risks produced by select brokers exclusively through the wholesale distribution market.
CEO of Canopius in the US & Bermuda, Lisa Davis, is positive about the new partnership. “Canopius is committed to expanding our property and casualty wholesale business, and we're delighted to have launched this new program with Pivix,”she said. “This is a great example of our wholesale strategy, which seeks distribution partners who can offer Canopius the expertise to provide relevant and practical solutions to big challenges.”
Meanwhile, Pivix president and chief executive officer Mike Miller expressed his own excitement at launching the new contract binding program.
“Our market reputation, underwriting skills and overall operational experience in this space, combined with Canopius’ reputation, financial rating and market presence makes for a powerful combination,” he said. “As this market segment continues to grow rapidly, our partnership will enable us to effectively meet the evolving needs of the wholesale marketplace.”
The alliance was described as a big step forward in meeting the growing demands of the SME segment within the E&S market.
Pivix offers property and casualty coverages for targeted segments, including the sizeable SME segment. It was founded by Miller, Ken Levine, Joe Griffith, and Sandy Vertuno—all alumni of Nationwide E&S—and is backed by Ambac Financial Group, Inc.
Canopius, meanwhile, is an international specialty reinsurance and underwriting company with operations in Australia, Bermuda, Singapore, UK, and the US.
