Sompo Canopius forms new trade credit insurance team

Firm names five initial members of the team that will tackle a US$9 billion global market

Sompo Canopius forms new trade credit insurance team

Insurance News

By Gabriel Olano

Sompo Canopius, a Bermuda-based specialty insurer owned by Sompo Japan Nipponkoa, will form a new trade credit insurance team, which will be headed by Will Clark.

Clark, who has over 30 years’ experience in banking and trade credit insurance, joins Sompo from AIG. He will report to Bernie de Haldevang, global head of specialty. To complement the company’s existing portfolio, Clark will work on establishing a new book of excess of loss short term trade credit insurance, which will be part of a global market with around US$9 billion in premium.

In line with its diversification strategy, Sompo Canopius is targeting areas where it identifies potential to expand profitably and offer additional value and coverage to brokers and clients. To further strengthen its trade credit team, the insurer has made four new hires: Yvonne McCormack, Scott Morrison, Claire Davenport, and Daina Muceniece. They have a combined 60 years of experience in trade credit and trade finance. More hires for the credit & political risk team are expected.

Commenting on the hires, de Haldevang said: “We have expansion plans for our specialty lines and establishing an experienced team with someone of Will’s calibre as its leader is both a significant commitment and a noteworthy step.

“With only a few people writing this kind of trade credit business in London in a meaningful way, we believe that our offering will be immensely valuable to new and existing clients, providing sophisticated insurance buyers a tailored and high service level approach and giving them the backing and certainty that they need in difficult global market conditions.”

Related stories:
Trio of Lloyd’s giants to tackle political risk
Sompo completes acquisition of Endurance
Hardening rates to boost trade credit market

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