A longtime Canopius Group Ltd. executive is retiring, even as the global specialty reinsurer now owned by a Japanese insurance giant gears up for a U.S. expansion.
James Giordano, executive chairman of Canopius U.S. Holdings, plans to retire on June 30, the company announced on March 24.
Giordano’s decision to move on represents the end of an era, of sorts. He was a member of the original Canopius management buyout team and served as chief underwriting officer of Canopius Group from May 2003 through October 2013, according to the company. At that point, he moved to the United States in order to take his current position with the Canopius U.S. arm.
Giordano has worked for 41 years as an underwriter, Canopius said.
Canopius Chairman and CEO Michael Watson credited Giordano with having “a great influence in building a strong and talented pool of underwriters both here and overseas.”
Giordano gears up to leave Canopius at a transformative time for the insurer. In late 2013, Japanese casualty insurance giant Sompo Japan Nipponkoa Holdings snatched up Canopius for $963 million in a bid to expand beyond its home market.
Last September, Canopius took a step toward growing its U.S. operations with the launch of the Canopius Underwriting Agency in a move designed to give it a broader U.S. footprint and product range. In January, Canopius hired Ironshore veteran Bradley Winfield as head of U.S. Direct Property to help lead the company’s U.S. expansion in the direct property sector.
Canopius maintains operations in the U.K., U.S., Bermuda, Switzerland and Singapore.
Source: Canopius Group Ltd.