Canopius Appoints New CEO

December 15, 2011

Canopius Group Ltd., the Lloyd’s of London insurer owned by Bregal Capital LLP, today [Dec.15] named Inga Beale [pictured] to be its chief executive officer from next month.

She will replace current chairman and CEO Michael Watson, who becomes executive chairman.

Canopius — which does business in Bermuda but which launched a major Swiss operation last year – was recently embroiled in a bidding war with locally based entrepreneur Mark Byrne for Omega Insurance Holdings Ltd.

The former CEO of Scor SE’s Swiss unit, Ms Beale was most recently the global chief underwriting officer at Zurich Financial Services AG.

Jim Giordano will continue in his role as chief underwriting officer, Canopius said.

Ms Beale will assume ultimate responsibility for all of Canopius’s business in the UK and overseas.

Mr. Watson is leaving the CEO role following Canopius’s October 20 withdrawal from the bidding war for Omega, which endorsed a rival offer from Bermuda insurance executive Mr. Byrne’s Hamilton-based Haverford Ltd. The Omega-Haverford deal now appears to be in limbo.

“For the past eight years, Jim Giordano and I have overseen the group’s operations,” Watson said in the statement. “We believe the scale and complexity of Canopius now require that we add an additional member to our most senior ranks to oversee the next stage of our development.”

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