Canopius Group Limited (Canopius) and Sompo Japan Nipponkoa Holdings (SJNK)announce that their respective Zurich-based reinsurance operations have been combined to form a single business unit, under the leadership of Eric GutiƩrrez, CEO, Canopius Europe.

The combined team will underwrite regional European treaty reinsurance across a number of lines including property, casualty and marine. From 1 January 2015, all business will be underwritten by Canopius Europe, offering Lloyd’s security.

Masashi Yamashita, who founded the SJNK Zurich operation in 2013, has been appointed Head of Global Strategy & Structure, Reinsurance to assist SJNK and Canopius with a review of the future strategy and structure of their reinsurance business. In addition, he will serve as Chief Operating Officer, Canopius Europe to facilitate an orderly transition.

Eric GutiĆ©rrez said "I look forward to working with our enlarged team to develop our regional European portfolio. We will continue to focus on understanding our clients’ requirements, delivering quality service and products backed by strong technical and financial resources."

Masashi Yamashita said "Given the strategic overlap, it is logical for us to combine the operations of SJNK Zurich and Canopius Europe. This move will strengthen the Group’s offering and, by harnessing our collective expertise, support the realisation of its growth ambitions."