Canopius Group Ltd, the privately owned insurance group, said that Michael Watson has relinquished his role as chief executive officer of Canopius Managing Agents (CMA) to concentrate on his role as chairman and chief executive of the group. He will remain as non-executive chairman of CMA.
Clive Watson, currently managing director, is to become chief executive of CMA. Jim Giordano remains as underwriting director of CMA, whilst continuing to fulfil a broader role as chief underwriting officer for the group.
Michael Watson, chairman and chief executive of Canopius commented: “2006 was a huge step forward in the development of Canopius. A generally benign trading year contributed to strong profitability, however this was greatly assisted by expanding into two new classes of business – global property and North American facilities – and by growing our business 25%.”