Specialty insurer Canopius is plotting further marine insurance growth after developing what it believes is a formula for success in one of the most notoriously competitive business lines.

Head of marine Charles Fernandez has come up with four basic underwriting principles for the sector.

Canopius, which has offices in London, Singapore and New York, has seen its business grow in recent years and is in line to achieve $110m in gross premiums this year and $125m next year.