Global specialty insurer Canopius is targeting strong growth in Australia and is looking to increase the size of its team as it builds on an expanding footprint, Asia Pacific (APAC) Chief Underwriting Officer Yann Marmonier says.

Mr Marmonier says Canopius has 75 people in the region and about 30 in Australia, where it has recently opened an office in Melbourne after establishing a base in Sydney in 2019. Business expansion is planned over the next few years.

“Australia is going to be half of the region in terms of headcount, I imagine,” he tells insuranceNEWS.com.au. “We have a lot of investments still planned for Australia in this year, and in the next few years, really.”

The Melbourne office has opened with David Mutton appointed as Casualty Underwriter for the APAC region. Plans are underway to progressively make further hires.

A company five-year plan ended in December and it’s now looking to the next three-to-five years, focusing on building a stronger and more profitable business across the Asia Pacific region, with clear accountability.

“Essentially, I’d like to double the size of the business that we have now in three to five years.” Mr Marmonier says, while noting the company follows a careful process when making investments, and will build step by step.

Privately owned Canopius also has underwriting offices in Singapore and China, and globally in the UK, US and Bermuda.

Mr Marmonier says the Sydney office started as a number of others were retreating or scaling back and the operation benefitted from its timing, and has delivered beyond expectations.

The Sydney operation commenced with property, accident and health and casualty, with a focus on public and product liability. Canopius mostly operates through intermediaries, either agencies or brokers, and has focussed on the SME and mid-market segments.

The Melbourne office provides additional access to business and distribution opportunities and the opportunity to build relationships, with the operation to focus first on casualty, he says.

Mr Marmonier says the APAC business had less than 20 people five years ago and there’s been strong growth in head counts.

“People understand that they are building something quite special, quite unique,” he said. “We’re clearly on the right track and I think we are getting people interested in what we are doing.”