​Canopius co-founder joins InsurX as chairman

Canopius co-founder Michael Watson has joined InsurX as its new chairman.

InsurX was founded in 2021 and helps match brokers and carriers via an algorithm to optimise follow capacity trading.

In his new role, Watson will support the business as it looks to enhance its technology and grow its headcount amid an increase in client demand.

He joins the firm after stepping down as Canopius’ chairman in May 2024 – he was replaced by former RSA chief executive Andy Haste.

Gilbert Harrap, chief executive of InsurX, said that securing Watson “illustrates the rising importance of algorithmic underwriting in the specialty market”.

“We intend – before the year is out – to add new classes of business to our existing functionality,” he added.

”We’ve had to recruit to develop those new capabilities, to enhance our current offering, develop our service and support functions as we mature.”

Experience

In addition to his duties at Canopius, Watson has also been a member on the council of Lloyd’s and Lloyd’s Market Association during his career.

“We have all known for about three decades that London must trade more efficiently – and I have seen lots of different digitalisation initiatives come and go,” Watson said.

”InsurX is finally delivering the market infrastructure we need to realise the promise of the digital revolution in general and algorithmic trading specifically.

“I am delighted to support the venture and I encourage all risk carriers and brokers to explore its offer. InsurX is the perfect solution for the market.”