June 28, 2017
Run-off specialist Darag has named former Sompo Canopius CEO Stuart Davies as executive chairman.
He will succeed Claus Stenbaek, who has been chairman of the company since 2014. Stenbaek will remain on the board as non-executive deputy chairman.
Davies currently also serves as an investment partner at private equity firm Disruptive Capital, which he joined after leaving Sompo Canopius last November following Sompo's $6.3bn acquisition of Endurance.
Prior to joining Sompo Canopius, Davies was managing director of AEGIS London and began his career at Ernst & Young.
Commenting on his new role, Davies said: "With ambitious growth plans and a substantial deal pipeline, Darag is currently in the process of optimising its management structure, including the appointment of a new CEO, to prepare the company for the next stage in its ongoing expansion.”
The news comes after Darag announced in March that Arndt Gossmann has stepped down as group CEO following eight years at the helm.
Darag has established a new leadership team including chief financial officer Simon Minshall, chief liability officer Zsolt Szalkai and chief operating officer Tim Braasch.