Canopius Expands Into Switzerland
Canopius Group, which operates two companies in Bermuda, announced today (Jan.7) will establish a reinsurance underwriting platform based in Zurich.
The new operation, Canopius Europe, will begin by focusing on European treaty reinsurance business and will underwrite on behalf of Canopius Group’s Syndicate 4444 at Lloyd’s, subject to necessary consents.
Canopius Europe intends to begin operations later this year and will be headed by Eric Gutiérrez, currently senior vice president, Ace Tempest Re International and general manager, Ace Reinsurance (Switzerland).
Canopius Europe will form part of Canopius’s international operating division, headed by Jim Giordano, group chief underwriting officer.
Michael Watson, chairman of Canopius, said: “I am delighted by this latest strategic development for Canopius and that Eric Gutiérrez will be joining our Group. Eric is a high calibre and experienced reinsurance professional, ideally suited to leading this new platform for Canopius.
“Zurich is a major financial centre and has become a well supported and established reinsurance hub, making it an ideal location for our expansion into Europe.
“The creation of Canopius Europe complements our existing activities in London, Bermuda and Singapore and supports the growth of our global reinsurance portfolio.”
Canopius is a privately-owned insurance and reinsurance group which underwrites a diversified portfolio of business from its operations at Lloyd’s and around the world. It has achieved significant growth over the last seven years through a mix of expansion and acquisition, and currently has total financial resources of £400 million.
Canopius owns two companies in Bermuda: Canopius Bermuda Limited and Canopius Underwriting Bermuda Limited. The Chief Executive Officer of both companies is Susan Patschak.
Canopius Bermuda Limited is a Class 3A reinsurance company with capital of approximately $350 million. It writes structured reinsurance treaty business sourced via Canopius Ireland.
In addition, the company provides capital support to Canopius Group’s underwriting operations at Lloyd’s.
Canopius Underwriting Bermuda Limited is a wholly-owned Bermuda-based underwriting agency that operates as a Lloyd’s-approved coverholder for Syndicate 4444. It underwrites excess casualty and property catastrophe business.
