Lloyd’s insurer Canopius is pulling out of its professional indemnity (PI) and financial institutions (FI) business lines in London, re-Insurance.com can reveal.
Members of the Canopius finpro team – which is headed up by Nick Kirk – are understood to have had their roles placed under consultation.
In a memo seen by re-Insurance.com that was circulated in the market, Canopius said it planned to “discontinue underwriting open market PI and FI business”.
The carrier said the binder element of its finpro and casualty book, which it said includes warranty and indemnity as well as cyber business, will be migrated to the special risk division.
That business unit is headed up by Elizabeth Powell, which Canopius said was set up to access business that the carrier was not looking to target directly via an open market play.
“Canopius has been in a process of reviewing its underwriting philosophy in a number of its lines of business for some time,” the memo said.
“In the direct area of its business, it has concluded that it is best able to serve the interests of shareholders and clients by focusing on areas of business where it can add a truly differentiated proposition to clients and brokers,” it went on.
“Canopius has not taken this decision lightly and is in consultations with members of the finpro team, including head Nick Kirk.”
The memo stressed that it’s withdrawal from the PI and FI open markets does not affect its US management and professional lines book.
The move comes only months after Canopius completed its $952mn private equity buyout led by Centerbridge from previous owners Sompo in March.
Canopius declined to comment.