Vario Partners, the specialist risk advisor launched in late 2014 by three former PwC exec’s to connect portfolios of insurance or reinsurance risk with capital market investors through securitisation or ILS structures, has appointed industry veteran Michael Watson as a non-executive director.
Michael Watson will join Vario in a non-executive capacity, as of 1st October 2016, bringing significant experience in insurance and reinsurance, as well as a wealth of industry contacts.
Watson led the management buy-out of Canopius, helping to develop it into a leading Lloyd’s managing agency. Canopius was successfully sold to Sompo Japan Nipponkoa Insurance in December 2013 and Watson remains chairman of the now Sompo Canopius. He is also a member of the Council of Lloyd’s and a Board member of the Lloyd’s Market Association.
Bryan Joseph, a founding executive partner of Vario, commented “We are honoured that a market leader of Michael Watson’s stature is joining our business. Michael’s proven business acumen and unrivalled contacts will complement our team’s specialist knowledge and expertise as we make the case for our unique form of securitisations, which incorporate all classes of business.
“These transactions will not only benefit investors and insurers but also represent an important new tool for insurance capital management.”
Watson added; “Vario is a pioneering business with a dynamic and highly innovative team, offering a genuinely new approach to risk modelling and capital management in the insurance sector. I am very much looking forward to working with them to help develop and grow this business.”
Vario intends to “create a channel between (re)insurance and capital markets for securitised portfolios of diversified risk” and as a result the ability to effectively analyse and model portfolio’s of re/insurance risk and to structure them into securitised financial instruments are key to its aims.
Adding an experienced executive like Watson to its ranks will help Vario access business, develop relationships and gain valuable advice from his years of working in the insurance and reinsurance industry.