SIAA acquires Canopy Specialty Insurance, a transatlantic specialty commercial property and casualty managing general agent (MGA) with operations in the US and the UK. Financial terms are not disclosed. Canopy underwrites niche commercial specialty risks for small and mid-sized businesses, across contractors’ liability, excess casualty and legal indemnity programmes among other lines. The MGA develops and underwrites products on behalf of insurance carriers and Lloyd’s syndicates. Canopy retains its underwriting authority, existing carrier capacity and wholesale relationships, and continues under chief executive officer Justin Tweedie. Matt Masiello, chief executive officer of SIAA, says: "Independent agencies continue to see significant demand for specialty coverage, but solutions for these niche specialty risks have not been easy to come by. 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." Tweedie says: "Canopy was built on specialised underwriting expertise with strong carrier and wholesale relationships. 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." Canopy sits alongside the SIAA retail distribution business Sequel Insurance Agencies and its wholesale arm Xchange. SIAA Xchange is an embedded wholesaler and MGA for excess and surplus (E&S) placement, led by chief executive officer Hunter Moss, licensed as an insurance producer and surplus lines broker in all 50 states and the District of Columbia, and a Lloyd’s of London coverholder. SIAA says it will initially focus on supporting the established Canopy programmes and wholesale relationships, and that further growth may include expanded distribution, new specialty programmes and experienced underwriting teams. SIAA describes itself as the largest alliance of independent insurance agencies in the US, with more than 5,200 members writing over US$18 billion in total premium. The business has been backed by Odyssey Investment Partners since 2021. BMS Capital Solutions & Advisory advised SIAA on the transaction.
