11 September 2016 Alternative Risk Transfer

Sompo Canopius chair joins Vario Partners

Specialist insurance-liked securities (ILS) firm Vario Partners has revealed that Michael Watson will join the partnership in a non-executive capacity.

He will join at the beginning of October.

Watson currently serves as the chairman of Sompo Canopius, and led the management buy-out of Canopius, developing it into a Lloyd’s managing agency, which was then sold to Sompo Japan Nipponkoa Insurance in December 2013.

He also serves as a member of the Council of Lloyd’s and a board member of the Lloyd’s Market Association.

Bryan Joseph, a founding executive partner of Vario, said: “We are honoured that a market leader of Michael Watson’s stature is joining our business.

“Michael’s proven business acumen and unrivalled contacts will complement our team’s specialist knowledge and expertise as we make the case for our unique form of securitisations, which incorporate all classes of business.

“These transactions will not only benefit investors and insurers but also represent an important new tool for insurance capital management.”

Watson added: ”Vario is a pioneering business with a dynamic and highly innovative team, offering a genuinely new approach to risk modelling and capital management in the insurance sector. I am very much looking forward to working with them to help develop and grow this business.”

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