Canopius unveils partnership to target US Virgin Islands

Canopius Group, which operates a Bermuda-based Class 4 reinsurer, has partnered with broker Theodore Tunick and Marshall & Sterling and Samsung Fire and Marine Insurance (SFMI) to offer admitted auto coverage to personal and commercial insureds in the US Virgin Islands.

Canopius said the agreement marks an important step in its partnership with its minority shareholder SFMI and its implementation in the US Virgin Islands.

Under this agreement, Canopius will be underwriting risks for both commercial and private auto clients in the US Virgin Islands using SFMI admitted paper. Canopius used Lloyd’s of London admitted paper to write its US Virgin Islands auto coverage until Lloyd’s announced that it was to relinquish its admitted licenses in the U.S. Virgin Islands, as well as Illinois and Kentucky, in January 2021.

“Our new agreement with SFMI comes at the right time and will considerably drive Canopius’s expansion in the US Virgin Islands,” said Lisa Davis, chief executive US and Bermuda at Canopius. “We were able to maintain and reinforce our auto coverage lines in the region by partnering with SFMI, a reliable name in the insurance industry and a strong successor to Lloyd’s previous role on the islands.”

Canopius has a long history of working with Theodore Tunick and Marshall & Sterling, writing auto physical damage and liability for commercial and private passengers since 2007. “Canopius and Theodore Tunick and Marshall & Sterling are now positioned to play a vital role in the US Virgin Islands,” said Mark Robertson, president at Theodore Tunick. “This agreement with SFMI will further deepen our partnership with Canopius and we are confident this will drive strong growth to our business.”