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SIAA acquires Canopy Specialty Insurance, keeping Canopy underwriting authority
The deal expands SIAA’s specialty underwriting and product development capabilities, with initial support for Canopy’s existing programs and a path to growth via broader distribution and new underwriting teams.
SIAA has acquired Canopy Specialty Insurance, a specialty commercial property and casualty managing general agent operating in the United States and the UK, according to Coverager.
The companies did not disclose deal terms. Canopy develops and underwrites niche commercial insurance products for small and midsized businesses, including contractors’ liability, excess casualty and legal indemnity programs, working with insurance carriers and Lloyd’s syndicates through wholesale distribution relationships.
Coverager reports that Canopy will retain its underwriting authority, existing carrier capacity and wholesale relationships, and that SIAA will initially support Canopy’s established programs. SIAA expects potential growth through broader distribution, new specialty programs and additional underwriting teams.
The acquisition adds specialty underwriting and product development capabilities to SIAA’s agency alliance, its retail business Sequel Insurance Agencies and its wholesale operation Xchange. SIAA, founded in 1995 and headquartered in Hampton, New Hampshire, has more than 5,200 member agencies writing over $18 billion in total premium, and has been backed by Odyssey Investment Partners since 2021.