Canopius, a global specialty (re)insurer, has partnered with managing general agent Falvey Insurance Group (FIG) to offer inland marine coverage in the US.
According to a report from Insurance Journal, this partnership marks the first time that Canopius US and Falvey will be writing inland marine coverage in the region.
In addition to inland marine, Lloyd’s coverholder FIG also offers ocean marine cargo & stock throughput, all-risk shipper’s interest, vessel pollution, and transportation & logistics liability.
Beginning this month (April), Canopius said it will provide the paper for FIG, which will act as the MGA for this new product line.
The company added that the partnership will also help it increase the density of its product suite by offering this product line to its 5,000-plus customers and 2,000-plus agents in the United States through FIG.
The new inland marine coverage product is available by broker appointment with Falvey. The coverage has potential availability for agents and brokers across Canopius’ entire distribution base, both regional and international, in the future.
John Ellis, head of US Ocean Marine at Canopius, said, “We’re excited to partner with FIG to fill an important gap in product lines and considerably strengthen our relationship with brokers and their clients. With this new inland marine product, we are fostering vital partnerships that will grow our business for years to come.”
Mike McKenna, chief underwriting officer at Falvey Insurance Group, added, “This partnership with Canopius enables FIG to expand into new lines of business offering complementary products to our existing clients. We are looking forward to working with such a strong partner in Canopius to provide top-tier service to our clients in this market.”
Last year, hyperexponential (hx), a SaaS pricing platform for insurers, partnered with Canopius.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
