Canopius targets Pacific with Sydney office

April 30 2019 by InsuranceAsia News Staff

Lloyd’s (re)insurer Canopius is on the verge of establishing an office in Sydney subject to regulatory approval.

The Sydney operation will deal with operations in both Australia and New Zealand, targeting SME business via coverholders, wholesale direct, facultative, as well as reinsurance treaty business.

The office is set to be led by Claudio Saita, who was previously deputy chief and executive director at Tokio Marine Australasia before leaving at the end of 2018.

Saita (pictured) is country manager for Australia & Pacific and a member of the newly established Canopius Asia-Pacific leadership team; he is reporting to Canopius’ Singapore based Asia Pacific and MENA chief executive Mark Newman.

Newman commented: “His significant experience and knowledge will help us as we pursue further growth in this priority market, [Saita] has forged excellent distribution relationships, often built around modern technology, which will be a differentiator for Canopius as we target profitable business throughout the Pacific region.”

Saita said: “Growing the Canopius portfolio in Australia and New Zealand is a very exciting proposition. This region presents significant opportunities for committed and locally empowered carriers that embrace technology, and I look forward to working with [Newman] and our team on the next steps in the Canopius Asia Pacific journey.”

Canopius is hoping to gain full approval for the office in time for the June 30 renewal season.

The (re)insurer has been investing in the region including four hires from rivals last year.