Canopius Group is a privately-owned insurance and reinsurance group which underwrites a diversified portfolio of business from its operations at Lloyd's and around the world. It has achieved significant growth over the last eight years through a mix of organic expansion and acquisition, and had total financial resources of over £425 million at the end of 2010.
The UK operating division primarily comprises Canopius Managing Agents Limited, the 10th largest Lloyd's managing agent. Its core business is the management of Syndicates 4444 and 260. The division also includes Canopius Underwriting Limited, a company underwriting specialty lines on behalf of Syndicate 4444.
Since its founding, Canopius has always been amongst the most forward-looking organisations in the London Insurance Market and this has been reflected in its information management infrastructure which includes a mature document management system (DMS), well-developed procedures and an informed and diligent set of users. However in the light of the significant increase in both the amount of information and the variety of different information systems, and as a proactive organisation that has identified the importance of good information management, Canopius sought independent advice on their current approach in this area. To that end, they engaged Oyster IMS to perform a consulting project to assess the “as is” situation and make some recommendations regarding the future approach to information management.
Canopius were aware that “information governance” – the ability to identify and manage risks across the whole information environment - would be the future priority and needed to ensure that they had plans in place which reflected their key strategic drivers, particularly around compliance and litigation readiness.
Oyster IMS carried out a consulting project for Canopius which included both an information audit and an assessment against the Generally Accepted Recordkeeping Principle (GARP©). GARP© measures an organisation’s information environment against eight key principles: accountability, transparency, integrity, protection, compliance, availability, retention and disposition.
The review came back with a relatively clean bill of health for Canopius but identified that the key developmental areas were information compliance (“what information have we got, where is it and who might want to see it?”) and litigation readiness (“how can we implement robust litigation hold and e-disclosure procedures?”).
After reviewing the results, it was decided that rather than conducting a set of discrete projects, Canopius would rather commence a programme of works to provide information governance on an on-going, long-term basis. After further discussions with Oyster IMS, it was decided that Canopius would subscribe to Oyster IMS’ Active Information Compliance service (AIC).
The AIC service is a tailored managed service which can include advisory, solution design and implementation services which are provided on an as-needed basis under an annual contract. For Canopius, the service includes:
The benefits of this arrangement for Canopius include: