Sompo Canopius AG announced that Stuart Davies is stepping down from his role as group CEO and all other related responsibilities, effective immediately.

Davies joined Sompo Canopius in 2015 with a mandate to lead the group through a period of change and has been very successful in doing so. He has charted a new course for Sompo Canopius as it works to fulfill its potential as part of Sompo Holdings, spearheading a renewed focus on profitability and agility.

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

“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,” Watson said.

“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,” Watson added.

Davies said, “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.”

Source: Sompo Canopius