Linus Phoon to lead development of Asian treaty reinsurance account

Canopius today announced its intention to establish an underwriting operation in Singapore using the Lloyd’s Asia platform.

The formation, which will be in 2008, is subject to necessary regulatory consents.

Canopius Asia will be headed by Linus Phoon, previously Principal Officer of the Singapore branch of Converium. The new venture will focus initially on building an Asian treaty reinsurance account, although insurance lines including marine and energy and property are likely to be added in the foreseeable future.

The reinsurance account will include property, casualty and marine classes, with a focus on non-proportional business.

The portfolio will be designed to complement the activities of Canopius’ London and Bermuda operations.

Clive Watson, Chief Executive Officer of Canopius Managing Agents Limited said: “Our plans for Canopius Asia reflect both the economic importance and growth potential of the region and the Group’s strategic focus on accessing new markets which further diversify the lines of business that we underwrite – a strategy also reflected by our recent move to form a platform in Bermuda.

“Creating a business presence in the vibrant Asian market gives us the opportunity to get closer to our customers in the region and, whilst the operation will start by underwriting a treaty reinsurance account, we expect to expand into insurance classes in due course.”

Jim Giordano, Chief Underwriting Officer of Canopius Group, said: “Having someone of the calibre of Linus Phoon to head Canopius Asia is an important first step for this venture. His experience and reputation in the region will enable us to deliver exemplary products and services to customers and brokers, and further develop the Canopius franchise in the region.”