FCA issues November update on BI test case claims
Combined payment numbers nearing £1.2 billion
About Canopius
Canopius is a global specialty (re)insurer that has underwriting operations in Australia, Bermuda, Singapore, The Netherlands, the UK, and the USA. Its products and services are divided into two business lines:
Insurance
Reinsurance
The company’s ILS platform also gives investors access to the (re)insurance markets through underwriting and distribution of the Canopius group.
History of Canopius
Canopius was established via a management buyout in December 2003, with £25 million equity capital. Throughout the years, the company has grown through acquisitions and organic expansion.
The company’s name reflects its heritage, linking back to Nathaniel Canopius, who was a Cretan scholar known to have brewed the first cup of coffee in England in 1637. In the 17th century, Edward Lloyd’s coffee house became recognised for taking out marine insurance in London. Canopius eventually became heavily associated with the Lloyd’s market, which remains at the core of the company’s operations.
Leadership at Canopius
Michael Watson – CEO & Group Chairman
Watson is the CEO and executive chairman of Canopius. He is a chartered accountant and has more than 40 years of experience in commercial and investment banking, stock broking, trade finance, and life and non-life insurance.
Watson led the original management buyout of Canopius in 2003 and 2018. He is also the director of Weston Insurance Holdings Corporation and serves on Lloyd’s Council.
Culture at Canopius
Canopius promotes equality and diversity in the workplace. In 2019, the company made changes to drop its mean salary gap further and increase female representation at the highest levels of the firm.
The company also improved its family-friendly policies by amending its approach to maternity, paternity and shared parental leaves as well as encouraging working parents by introducing “maternity & family buddies.” The programme allows “buddies” to share advice on planning for upcoming parental leave, how to prepare for their return to the office, and how to keep in touch.
Combined payment numbers nearing £1.2 billion
Executive will join the company early next year
Almost 25,000 claims already fully settled
Moves make business’s space team one of the market’s largest
Lloyd's underwriter swoops for duo from rival firm
Overall payout sum now nearly £1.03 billion
Appointments bring organisation closer to its goal of a more diverse leadership
Appointment effective 2022
Combined, interim and full payments nearly £1 billion
“There is now a vulnerability to this market”