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SIAA acquires Canopy Specialty Insurance to expand specialty underwriting
SIAA said the purchase adds product development and underwriting capability for specialty coverage for its network of 5,200 agencies.
SIAA, the largest US alliance of independent insurance agencies, has acquired Canopy Specialty Insurance, a specialty commercial property and casualty MGA operating in the US and the UK, Insurance Business reported.
Canopy underwrites niche commercial risks for small and mid-sized businesses, including contractors' liability, excess casualty and legal indemnity programs, and it writes on behalf of insurance carriers and Lloyd's syndicates while distributing through wholesale brokers.
Following the deal, Canopy chief executive Justin Tweedie will continue leading the business, and Canopy will retain its underwriting authority, carrier capacity and wholesale relationships.
The acquisition gives SIAA its own product development and underwriting capability, as the group said independent agencies have seen demand for specialty coverage but struggled to find solutions for niche risks.