Group chairman will step in until a replacement is found

Clive Watson, chief executive of Canopius Managing Agents (CMA), is to retire at the end of next month.

Michael Watson, chairman of the Canopius Group, will take on the role and the responsibility of Syndicate 4444 until a successor is found.

Watson said he was sad to be leaving the company. “I shall miss my colleagues in the company and wider insurance community.

“My decision to leave is based on a desire to spend more time on personal interests outside the insurance industry.”

He added: “I am proud of our achievements at Canopius. I wish the company well and believe it is well positioned for an exciting future."