Lloyd's Syndicate - 4444 (Canopius Managing Agents Ltd.) is withdrawing from its professional indemnity and financial institutions underwriting business lines in London, Re-insurance.com reported, citing a memo.
The portion of the company's financial and professional and casualty book, which includes warranty, indemnity and cyber business, that it receives through binding authority agreements will reportedly be absorbed by the special risk division.
Canopius said the division was formed to gain access to business it was not looking to target directly through an open market play, according to the report. Though it will stop underwriting open market professional indemnity and financial institutions business in London, the insurer's U.S. management and professional lines book is not affected.
A Canopius representative told S&P Global Market Intelligence that the company has declined to comment on the report.
