Sompo Canopius AG and Mexico’s Grupo Nacional Provinical SAB formed a strategic partnership.
This arrangement will help both parties to develop new business and insurance products for the Mexican market, “capitalizing on GNP’s position as a leading domestic insurer and Sompo Canopius’s specialist underwriting expertise,” Sompo Canopius said in a statement.
It will also enable GNP to broaden its underwriting portfolio to include international risks through a participation in the underwriting results of Syndicate 4444.
Stuart Davies, chief executive officer of Sompo Canopius, said: “We are looking forward to working with GNP as we develop our strategic partnership. The combination of our underwriting skills and specialist expertise, and GNP’s understanding of the local market and established distribution, will allow us together to develop new business and broaden our knowledge base.”
Mario Vela, chief executive officer of GNP, said: “This is an exciting development for GNP. Our partnership with Sompo Canopius will provide us with an increased international exposure through their position at Lloyd’s and enable us to expand our product range to meet the growing local demand for specialist insurance products.”
Guy Carpenter acted as adviser to GNP on the formation of this partnership.
Source: Sompo Canopius
Topics Mergers & Acquisitions Mexico
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