Global specialist reinsurer Sompo Canopius AG, a wholly owned subsidiary of Sompo Japan
Nipponkoa Insurance Inc., has announced that Stuart Davies will be stepping down from his role as Group CEO, along with all other related responsibilities. The resignation is effective immediately.
Davies was appointed to the position in 2015 and was tasked to lead the company as it underwent a transition period. According to the company’s statement, he has successfully charted a new course for Sompo Canopius and spearheaded its focus on profitability and agility.
In his farewell message, 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.”
Davies began his career with Ernst & Young in 1989, and he eventually entered the insurance industry in 1993. Prior to joining Sompo Canopius, he was managing director of AEGIS London.
Meanwhile, Michael Watson, founder, non-executive chairman, and former Group CEO, will assume the position of executive chairman of the group. He will be working with Mike Duffy, group chief underwriting officer, and Paul Cooper, group chief financial and operating officer.
Commenting on the recent management changes, Watson said: “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.”
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