DUPI MGA Invest BV intends to acquire Canopius BV Amsterdam

2020-11-04 | DUPI Underwriting Agencies

On 15 September last we informed you that DUPI Underwriting Agencies intends to acquire Business (underwriting and claims activities) and Employees from Canopius BV in Amsterdam. Over the past weeks Canopius Holdings UK Limited ( ‘Canopius’) and DUPI have renegotiated this into a share transaction:

DUPI MGA Invest BV intends to acquire Canopius BV Amsterdam

On 30 October 2020 DUPI MGA Invest BV and Canopius have reached an agreement whereby DUPI intends to acquire Canopius BV from Canopius by way of a share purchase by DUPI of 100% of Canopius’ shareholding in Canopius BV.

Signing of the Agreement is intended to take place on or before 13 November 2020 and closing is intended to ultimately take place on or before 15 December 2020, subject that all necessary regulatory requirements, including competition authorities and financial regulators (if any), have been met.

Canopius and DUPI believe that with this share transaction the interests of its brokers and clients are best served: all procedures, financial and administrative processes and (agency) agreements remain unchanged. Detailed information will follow soonest.

Upon the final closure Canopius BV will be re-named into DUPI Underwriting Agencies Amsterdam BV, La Guardiaweg 36 (Bright Offices), Amsterdam.

All employees from Canopius BV will continue in the employment of DUPI and Canopius’ Managing Director Jimmy Guman will continue as the Managing Director of DUPI Underwriting Agencies Amsterdam.

The activities of Canopius BV (DUPI Underwriting Agencies Amsterdam) include:

  1. the Underwriting Agency agreement with Sompo International Insurance (Europe), SA (SIIE) for servicing the Japanese Interest Abroad;
  2. the Claim Hub Agency agreement with Sompo Japan Insurance Inc. in Tokyo (SJI);
  3. the complete run-off of all Dutch Domestic business on behalf of SIIE, Baloise Insurance nv and subsidiaries of Canopius Group;
  4. the Underwriting Agency agreement with Ethias Verzekeringen nv (Ethias) and
  5. the tax representative agreements with Ethias and SIIE.

DUPI is also in discussions with SIIE  to see wether we can extend the existing Agency agreement with additional product and service offerings.

This acquisition provides DUPI with significant additional underwriting expertise and a broader product offering, with increased scale and enhanced relevance to our brokers and clients, supporting our ambition to be THE Insurer for Entrepreneurs.