Sompo chairman joins insurance specialist Vario

Leader aims to bring unrivalled contacts that will help boost team’s expertise

Insurance News


by Paul Lucas

One of the biggest names in the Asian insurance industry has added his name to a rapidly emerging specialist insurance linked securities structuring and investment firm.

Michael Watson, the chairman of Sompo Canopius, will join the team at Vario Partners in a non-executive capacity from October 01.

A well-known and highly experienced insurance industry figure, Watson led the management buy-out of Canopius, developing it into a leading Lloyd’s managing agency. The business was successfully sold to Sompo Japan Nipponkoa Insurance in December 2013. Watson remains chairman of Sompo Canopius and is also 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.”

Speaking about his appointment, Michael Watson expressed his excitement about joining the firm.  

“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,” he said. “I am very much looking forward to working with them to help develop and grow this business.”

Related stories:
Head of Sompo says Brexit will not deter investment in London
Sompo Canopius launches US ocean marine division

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