Bloomberg News

Canopius Names Zurich’s Inga Beale as Chief Executive Officer

December 15, 2011

Dec. 15 (Bloomberg) -- Canopius Group Ltd., the Lloyd’s of London insurer owned by Bregal Capital LLP, named Inga Beale to be its chief executive officer from next month.

Beale will replace current chairman and CEO Michael Watson, who becomes executive chairman, Canopius said in a statement on its website. She is the former CEO of Scor SE’s Swiss unit and 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.

Beale will assume ultimate responsibility for all of Canopius’s business in the U.K. and overseas. Watson is leaving the CEO role following Canopius’s Oct. 20 withdrawal from a bidding war for Omega Insurance Holding Ltd, which endorsed a rival bid from Haverford (Bermuda) Ltd.

“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.”

Beale, who was also in charge of “organizational transformation” at Zurich Financial, left Switzerland’s biggest insurer in June after joining the company in 2008 as head of mergers and acquisitions.

--Editor: Keith Campbell, Jon Menon.

To contact the reporter on this story: Carolyn Bandel in Zurich at cbandel@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net


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