Global specialty lines (re)insurer Canopius has teamed up with credit and political risk managing general agent Anvil Underwriting Ltd.
Announcing the partnership, Canopius said it has signed an agreement allowing Anvil to underwrite credit insurance, contract frustration, and political risks on its behalf. The deal takes effect today, September 03.
“This agreement provides a great opportunity for Canopius and Anvil to provide a complementary means to access the credit and political risk market and will allow us to show a nuanced risk appetite,” explained Canopius head of specialty Bernie de Haldevang. “I am delighted that we now have this agreement up and running, and encouraged by the interest that Anvil has already been seeing across the market.
“The agreement is now in force, and we look forward to providing the market with increased flexibility and underwriting expertise.”
With the Anvil tie-up, Canopius will be able to provide policy limits of up to US$25 million and tenor of up to 10 years for contract frustration, as well as a maximum of US$15 million and seven years for trade and non-trade credit risk.
“Through this partnership with Canopius we can deliver cover for more credit and contract frustration risks as well as political risks, offering significant benefit to our clients,” noted Anvil managing director Navaid Farooq. “Through this arrangement Canopius will cover 100% of the risks for Anvil’s clients and be able to build a high quality book.”