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Lloyd’s (re)insurer Sompo Canopius has just announced strategic partnership with Mexican insurer, Grupo Nacional Provincial (GNP). The companies released a joint statement on the 28th June that detailed the arrangement, which will allow both parties to develop new business and insurance products for the Mexican market.

The collaboration will leverage GNP’s position as a leading domestic insurer in Mexico and taking Sompo Canopius’ specialist underwriting expertise to the market.

The strategic partnership will also enable GNP to widen its portfolio as one of the top underwriters to include international risks through access to Sompo Canopius’ multiline Lloyd’s of London Syndicate 4444.

Stuart Davies, CEO of London-based 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

GNP CEO Mario Vela enthusiastically described the new partnership with Sompo Canopius as an exciting development for the Group. “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 partnership formation.

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