Acquisition adds specialty MGA and underwriting capabilities to SIAA’s insurance distribution platfo
SIAA has acquired Canopy Specialty Insurance, a transatlantic specialty commercial property and casualty managing general agent with operations in the United States and United Kingdom.
Hampton, New Hampshire-based SIAA said the acquisition adds specialized underwriting and product development capabilities to its broader distribution platform and is intended to expand access to specialty insurance products for independent agencies and insurance partners.
“Independent agencies continue to see significant demand for specialty coverage, but solutions for these niche specialty risks have not been easy to come by,” said Matt Masiello, CEO of SIAA. “The acquisition of Canopy gives SIAA the access to underwriting and product development capabilities necessary to identify opportunities to provide specialty coverage and develop and underwrite specialty products and programs for SIAA’s network.”
Canopy Brings Specialty Underwriting Operations
Canopy specializes in niche commercial risks for small and mid-sized businesses, including contractors’ liability, excess casualty and legal indemnity programs.
The MGA has existing insurance programs, carrier relationships and wholesale distribution operations in the U.S. and U.K. It develops and underwrites specialized commercial insurance products on behalf of insurance carriers and Lloyd’s syndicates.
Under CEO Justin Tweedie, Canopy will maintain its underwriting authority, existing carrier capacity and wholesale relationships, according to SIAA.
“Canopy was built on specialized underwriting expertise with strong carrier and wholesale relationships,” said Tweedie. “With SIAA’s resources and broader distribution capabilities, we see significant opportunity to expand Canopy’s established programs, develop new specialty products and continue building our underwriting platform while maintaining the carrier and wholesale relationships that have been central to our success.”
Acquisition Adds To SIAA Distribution Platform
Canopy will become part of SIAA’s broader distribution operations, which include its Agent Alliance, retail distribution through Sequel Insurance Agencies and wholesale distribution through SIAA Xchange.
SIAA said it initially plans to support Canopy’s existing programs and wholesale relationships. The company identified potential future opportunities including expanded distribution, additional specialty programs and experienced underwriting teams.
SIAA Xchange serves as SIAA’s wholesaler and MGA and is led by CEO Hunter Moss. It is licensed as an insurance producer and surplus lines broker in all 50 states and the District of Columbia and is a Lloyd’s of London coverholder.
SIAA – The Agent Alliance is the nation’s largest alliance of independent insurance agencies, with more than 5,200 members writing over $18 billion in total premium. The company has been backed by Odyssey Investment Partners since 2021.
