Canopius has expanded its catastrophe-driven property coverage for large commercial owners and real estate investment firms through its Lloyd's of London platform. The underwriter operates from hubs in London, New York and Singapore, writing business across real estate, hospitality and industrial occupancies, the firm said.
The firm's Open Market Property team in the United States offers retail and wholesale property products with a main focus on quota-shared and layered property placements. Canopius provides flexible capacity that can be used in primary or excess positions depending on risk exposures and programme structure, the firm said.
The coverage targets businesses with catastrophe-exposed property portfolios, large commercial property owners, asset managers, real estate investment and development firms, and operators in retail and hospitality sectors. Educational institutions, public entities, manufacturing units, industrial facilities and transportation infrastructure also fall within the underwriter's scope.
Canopius's product covers physical loss or damage to buildings, contents and equipment, alongside business interruption resulting from insured physical damage. The firm offers customised solutions for catastrophe-exposed and complex assets, it said.
The underwriter's catastrophe management team holds an Advanced rating from Lloyd's for both natural catastrophe and non-natural catastrophe modelling. That rating underpins the firm's risk modelling and pricing framework, Canopius said.
Coverage that looks comprehensive in benign conditions often reveals critical gaps when the catastrophe actually hits, family office advisor Jaf Glazer has cautioned.
The firm's specialist underwriters maintain regular contact with clients to track evolving markets and apply a technical approach to pricing. The underwriters travel extensively to maintain knowledge of their markets, clients and products, the firm said.
For smaller commercial risks, Canopius focuses on properties with total insured values below five million dollars. Target classes include real estate, retail, financial institutions, healthcare, hospitality, education, recreation, entertainment, telecommunications and light industrial—excluding petrochemical operations.
The firm writes business on an open market basis through Lloyd's platforms in London and Singapore. That structure allows Canopius to offer large-account commercial property insurance while coordinating with various insurance companies to provide comprehensive coverage, the firm said.