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London market insurer CEO steps down

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Sompo Canopius A.G. said that Stuart Davies will step down from his role as Group CEO, effective immediately.

Michael Watson, founder of Sompo Canopius, has been named executive chairman, the London-based specialty insurer and reinsurer said in a statement Wednesday. Previously, Mr. Watson was non-executive chairman.

Mr. Watson will be supported by Group Chief Underwriting Officer Mike Duffy and Group Chief Financial and Operating Officer Paul Cooper, Sompo Canopius said in a statement. Mr. Cooper previously was group chief financial officer for the insurer.

All of the executives are based in London.

“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 reinsurer,” Mr. Watson said in a statement.