The decision, which was confirmed in a statement, was not taken lightly given the company’s strong market position.
According to a report by AM Best’s news service, a spokesperson for Canopius told BestWire that the runoff of the space book will be managed internally to ensure the highest standards of service for existing policyholders.
The statement read: “Canopius can confirm that it has ceased writing new space business. This was not an easy decision to make as our team has led the market for several years with the largest space Lloyd’s consortium.”
The exit has resulted in the departure of space co-heads Chris Gibbs and Richard Parker, although the reasons for the decision were not disclosed.
The development comes shortly after Canopius US Insurance partnered with WTW Corporate Risk and Broking North America and Verita Capital Solutions to launch a new property insurance facility.
The Client Edge Facility is designed to provide capacity for large and complex property risks, as well as middle-market property risks within WTW’s US property book.
“Listening to the needs of clients was the driving force behind the development of Client Edge Facility, an innovative property solution,”. “Being able to address evolving client demands in a nimble way such as this is core to how we do business.”
