Lloyd’s insurer Sompo Canopius has formed a strategic partnership with one of the largest insurance companies in Mexico, the industry player has announced.
Sompo Canopius’s arrangement with Grupo Nacional Provinical (GNP) will enable both companies to develop new business and insurance products for the Mexican market.
The strategic partnership will capitalise on GNP’s position as a leading local insurer in Mexico and Sompo Canopius’s specialist underwriting expertise.
“The combination of our underwriting skills and specialist expertise, and GNP’s understanding of the local market and established distribution, will allow us together to develop new business and broaden our knowledge base,” said Sompo Canopius CEO Stuart Davies.
With the newly signed deal, GNP will also be able to expand its underwriting portfolio to include international risks through a participation in the underwriting results of Sompo Canopius’s Lloyd’s syndicate.
GNP CEO Mario Vela described their new partnership with Sompo Canopius as an “exciting development” for the Mexican insurer.
“Our partnership with Sompo Canopius will provide us with an increased international exposure through their position at Lloyd’s and enable us to expand our product range to meet the growing local demand for specialist insurance products,” he said.
acted as adviser to GNP on the formation of the new partnership.
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