Canopius appoints veteran insurer to chair
Global specialty re/insurer Canopius has appointed a former Lloyd’s board deputy chairman to succeed its founder and former CEO Michael Watson.
Andy Haste will join Canopius, which has a Bermuda re/insurer, in July as group chairman of the board, taking over from Watson who founded the company via a management buyout in 2003. Watson will step down and support the company in an advisory capacity.
Haste, currently chair of Esure Group, was a senior independent director and deputy chairman of Lloyd’s for nine years between 2012 and 2021. He has also been group CEO of RSA Insurance and CEO at AXA Sun Life.
The appointment of a new chairman comes after a “record year” of growth at Canopius. In 2023, the business recorded profitability across all three business regions – the UK, U.S. & Bermuda and APAC with profits after tax of $363 million, and a 22% increase in Insurance Contract Written Premium to $2.8 billion.
Watson said: “It’s been my privilege to develop Canopius since its foundation in 2003 alongside great colleagues and supportive shareholders. Canopius has never been in better shape, and I have great confidence in Andy Haste and (Group CEO) Neil Robertson’s leadership team to propel the business to new heights in the coming years.”
Haste added: “I am honoured to join Canopius as its group chair and excited to work closely with Neil and his management team, as well as my fellow board members on the next stage of Canopius’ journey. I would like to thank Michael for his service to Canopius over many years and wish him all the best in his future endeavours.”
Robertson said: “Andy will bring independence, gravitas, and a breadth of experience to our board that will help shape the next chapter of the Canopius journey. Throughout Andy’s career he has forged a reputation as a strong leader who acts with conviction, and who has a proven track record. All qualities that I believe will serve Canopius well. I believe that the appointment of an individual of Andy’s stature in the industry, demonstrates our ambition for Canopius in the coming years and we’re delighted to have him on board. ”
He added: “We also express heartfelt thanks to Michael, who has been instrumental in building Canopius over the past two decades and has skilfully steered our board for the last two years since I assumed the role of CEO. He will continue to work with Canopius as a trusted and valuable adviser to the board as the business embarks on the next stage of its evolution.”
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