Canopius Launches UK Retail Insurance Division

Canopius Group Ltd. has launched a U.K. retail insurance division and said the new division will be heading by Tim Rolfe.

The company said Rolfe has reviewed the current U.K. business outlook and developed a strategy to capitalize on Canopius's current strengths, identify its desired market positioning and enhance the profitability of the new division. In his new role as chief executive of the new division, his key priority will be to implement that strategy and drive profitable growth across all classes and channels with an increasing emphasis on specialist business.

The U.K. market has "changed considerably over the past decade," Rolfe said in a statement.

U.K. business lines the new division will include are household; specialist property/niche personal lines; commercial combined for the small and medium enterprise sector; casualty, including accident and health and professional indemnity; and motor, including personal, commercial and specialist vehicles. These lines account for about 30% of the group's gross written premiums, Canopius said.

U.K. Retail also acts as the interface for the group's distribution channels, Arista Insurance and K. Drewe/Look Insurance.

Rolfe will report to Group Chief Underwriting Officer Jim Giordano. He had previously been appointed head of U.K. retail strategy in October 2010.

Following this reorganization, Colin Hart, chief executive, KGM Motor, will be leaving the group and Neil Manvell will become active underwriter, Syndicate 260, subject to Lloyd's approval.

In May, Canopius began operations through its new Zurich-based European underwriting platform (BestWire, May 17, 2011). The Guernsey-based specialist insurer said the new platform will at first be dedicated to underwriting European treaty reinsurance for the group's Syndicate 4444 at Lloyd's.

Canopius Europe is headed by Chief Executive Eric Gutierrez, who leads a team of reinsurance professionals. He reports to Giordano.

Canopius Group is a privately owned international insurance and reinsurance group with operations in the United Kingdom, Bermuda, Singapore, Ireland, Switzerland and Australia. It is owned by its management and Bregal Capital LLP, a private equity company.

The group is the parent of Canopius Managing Agents Ltd. at Lloyd's. CMA manages Syndicates 4444 and 260 on behalf of the group and third parties, with total gross premiums written of 635 million pounds ($1.03 billion) in 2010.

Early this year, Canopius made an unsolicited offer for rival Lloyd's insurer Omega Insurance Holdings Ltd. According to Omega, Canopius proposed an offer comprising a mix of cash and unquoted share consideration (BestWire, Jan. 10, 2011). Omega has since reported getting inquiries from other potential suitors.

(By Rick Cornejo, managing editor, BestWeek: [email protected])