Canopius expands in construction

Canopius Managing Agents, the largest privately-owned Lloyd's insurance business, has extended its portfolio of specialist construction products with the addition of construction and engineering insurance cover.

Simon Challinor has been appointed as class underwriter to establish and develop the new product.

Challinor , who was most recently with Endurance, joined the insurance industry in 1980. During his 30 years underwriting construction and engineering insurance, he has worked for a number of insurers specialising in this sector including Commercial Union, the Ajax/Poland syndicate at Lloyd's, Eagle Star and Gerling.

Target segments for the new book of business include infrastructure, buildings and power generation. Products will include contractors all risks and erection all risks - including public liability, advance loss of profits, contractors' plant and existing property – as well as machinery breakdown and business interruption. The account will seek clients and risks worldwide (ex North America) with particular focus on UK, Europe, Latin America, Middle East and Australia.

Challinor's construction and engineering insurance account will complement the existing construction insurance and reinsurance currently written by Canopius, which includes offshore energy and marine vessel construction, project cargo, construction professional indemnity and engineering reinsurance.

Tim Carroll, underwriting director of Canopius, said: “The construction and engineering insurance market is an area which Canopius already knows well. We believe that significant opportunities now exist in construction and engineering insurance with demand underpinned over the next five years by planned economic regeneration and stimulus efforts. The appointment of Simon, who brings with him some 30 years of underwriting experience in this highly technical sector, means Canopius is now well placed to capitalise on those opportunities and expand its presence in the construction industry, enabling us to offer a broader product range to meet our clients’ requirements.”