Canopius, the international specialty property and casualty reinsurer, has announced a strategic reorganization of its underwriting capabilities to form an integrated natural resources team.
The move is a response to a rapidly changing market landscape in which the lines between energy, heavy industry and construction are increasingly blurred.
The new Natural Resources team integrates energy (upstream, midstream and downstream energy), heavy industry, power and renewable energy, and construction.
The merger will enable underwriters to work with brokers to develop customized cross-category solutions based on client needs, reinforcing the insurer’s commitment to providing the best products to insureds.
The team will also bring together technical experts, in-house engineers and claims experts to more effectively and proactively share knowledge of emerging risks, inform mitigation efforts and inform the development of customized products.
Where necessary, the product will be complemented by a wider range of cover options, including additional products such as sabotage and terrorism, cyber risk, project cargo or casualty.
Additionally, the team is committed to practicing claims processes, which will ensure smoother operations throughout the insurance lifecycle.
Mark Houghton, Global Product Head of Specialty at Canopius, commented: “Our main goal has always been to find the best and most efficient way to help our brokers serve their clients. With upstream, midstream and downstream energy as well as power and renewables, mining, metals and chemicals becoming interconnected, we want to ensure our set-up best reflects the fact that they often require similar expertise.
“With a united team, we can deliver a more efficient service across the entire lifecycle, from risk mitigation to claims. This clearly demonstrates our commitment to investing in our people and our proposition to meet the growing and increasingly complex needs of our clients.”
