SIAA acquires Canopy Specialty Insurance

SIAA has acquired Canopy Specialty Insurance, a specialty commercial property and casualty MGA operating in the US and UK. Terms were not disclosed.

Canopy develops and underwrites niche commercial insurance products for small and midsized businesses, including contractors’ liability, excess casualty and legal indemnity programs. It works with insurance carriers and Lloyd’s syndicates through established wholesale distribution relationships.

Led by CEO Justin Tweedie, Canopy will retain its underwriting authority, existing carrier capacity and wholesale relationships. SIAA will initially support its established programs, with potential growth through broader distribution, new specialty programs and additional underwriting teams.

The acquisition adds specialty underwriting and product development capabilities alongside SIAA’s agency alliance, retail business Sequel Insurance Agencies and wholesale operation Xchange.

SIAA has more than 5,200 member agencies writing over $18 billion in total premium and has been backed by Odyssey Investment Partners since 2021. BMS Capital Solutions & Advisory served as its financial advisor on the transaction.