Canopius cedes risk to Flood Re

Canopius has agreed to cede risk to the UK’s Flood Re scheme, enabling it to provide more effective insurance for UK homeowners living in flood-prone areas, according to announcements made today.

The move by Canopius is very timely. Flood accounted for nearly 30% of global economic losses in 2016 with significant events in Europe, and was a key peril impacted losses after Hurricane Harvey in Q3 of this year.

Canopius UK head of specialty Stephen Snook said: “We understand how distressing and disruptive flooding can be to customers and the Flood Re scheme is hugely beneficial to our customers in enabling them to find insurance solutions.”

He added: “We are delighted to be one of the first Lloyd’s insurers to offer this great benefit alongside the flexible and bespoke solutions we already provide to our coverholders.”