Sompo Canopius CEO departs prompting management reshuffle

The chief executive of Sompo Canopius, a specialty re/insurance subsidiary of Sompo Japan Nipponkoa Holdings, has stepped down with immediate effect, prompting a management reshuffle at the company.

CEO Stuart Davies joined Sompo in 2015 from AEGIS London to lead the group through a period of changes, spearheading a renewed focus on profitability and agility.

Michael Watson, founder and currently non-executive chairman, will become the executive chairman of Sompo Canopius. He will be supported by group chief underwriting officer Mike Duffy and group chief financial and operating officer Paul Cooper.

Watson has over 30 years of experience in the financial services industry. He joined the company in 2001 and led the management buy-out in 2003.

“It has been a pleasure to lead Sompo Canopius as group CEO and I would like to thank everyone for their support and hard work. The team at Sompo Canopius is full of talented and knowledgeable people and I wish them all the best,” said Davies.

Watson added: “I would like to thank Stuart for his dedication to the success of Sompo Canopius since he joined in 2015. His commitment and enthusiasm have been evident from day one and he leaves the group in a strong position.”

“The board and I respect his decision to move on and we wish him every success in the future. At the same time, I have great confidence in Mike Duffy and Paul Cooper and the rest of our highly experienced management team. I look forward to working with them as we continue to build Sompo Canopius into a world-class global specialty re/insurer.”