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Canopius has hired Crispin Hodges to lead its newly-created trade political risk unit, effective Monday.

The insurer’s new trade political risk unit sits alongside existing profit and loss units within the credit, political and crisis (CPC) division of excess of loss trade credit (XTR), credit and political risk (CPR) and crisis management (CM). It comprises the syndicate 1861 political risk book formerly managed by AmTrust at Lloyd’s.

Hodges’ role will be to run this unit independently within CPC, defending and developing the existing book in a standalone team. Based in London, Hodges will report to Bernie de Haldevang, the insurer’s head of credit, political and crisis.

He joins Canopius from Beazley where he most recently held the role of international business producer, focusing on the business’ strategic ambitions in Europe, Canada and Latin America. Prior to this, he was a senior partner at Glencairn. He has also held roles at JLT Group, Wills Towers Watson, and Chubb.

“Alongside Crispin’s specific experience in the contract frustration and political risk class and profitable underwriting track record, he has many contacts globally, having worked in London and Paris, and in regional hubs such as Singapore and Dubai,” says de Haldevang. “He is ideally suited to develop this part of our credit and political risk book. His hiring is indicative of our continued ability to attract top-tier industry talent as well as our enduring commitment to grow this part of our business and provide the broadest offering to our clients and brokers. I look forward to welcoming him to the team and to realising our strategic ambitions.”

Speaking to GTR about his appointment, Hodges says: “I am excited about the challenge of developing the trade political risk portfolio and team as part of the overall CPC division. Being independent of CPR within CPC means that conflict will be avoided and both teams can work in harmony. The opportunity to join Canopius and form a stand-alone P&L as one of the four teams within the division will enable us to provide our brokers and clients with the level of service and bespoke underwriting that they expect.”

Canopius has also taken on Rupert Cutler as political and credit risks underwriter. He joins from Parker Norfolk and Partners. The company says that more hires will be announced shortly.