Sompo Canopius AG has announced a number of changes to its organizational structure. The company is simplifying its underwriting management and structure to enhance cohesiveness and focus on profitability across the group. It is also making some changes to its executive team.
(Canopius announced on Feb. 1 that it is now operating under the brand, Sompo Canopius).
Mike Duffy is appointed as group chief underwriting officer, responsible for all underwriting operations. He is supported by a team of underwriters, who each retain oversight of their individual product lines. Duffy will also become active underwriter of Syndicate 4444, subject to regulatory approval.
Stephen Manning becomes group chief operating officer and retains responsibility for Sompo Holdings’ regional ERM center. Gaynore Moss is promoted to group chief risk officer, and will join the group executive.
Stephen Gargrave will retire from his current full time role following four decades in the market. However, he will take up a new role in June as a non-executive director of Canopius Managing Agents Ltd. (subject to regulatory approval) and as an adviser to Mike Duffy.
After five years successfully building the group’s UK franchise, Tim Rolfe has decided to move on, the company announced. He remains at Sompo Canopius until March 31, 2016 to assist with the transition to the new structure.
“Sompo Canopius is home to some exceptionally talented people, and I am pleased that this allows us to promote from within,” commented Stuart Davies, group CEO. “The new structure will support our focus on underwriting profitability and operational efficiency, as well as our “one game, one team” culture. We are fortunate that we will continue to benefit from Steve Gargrave’s expert knowledge built up over nearly 40 years. I am also very grateful to
Tim Rolfe for all his hard work and contribution to the company’s success over many years
and I wish him all the best in the future.”
About Sompo Canopius
The Sompo Canopius rebranding on Feb. 1 follows the acquisition of the specialty re/insurer by Sompo Japan Nipponkoa Insurance Inc. in 2014 and its subsequent integration into the Sompo Holdings group.
Sompo Canopius is one of the top 10 insurers in the Lloyd’s insurance market, writing premiums in excess of £1 billion ($1.4 billion) and also operates through company platforms in Europe and the U.S., as well as other overseas offices.
Source: Sompo Canopius