Canopius names new head of US casualty

Canopius names new head of US casualty | Insurance Business New Zealand

Reinsurance

Canopius names new head of US casualty

Reinsurer names new head of US casualty

Reinsurance

By
Kenneth Araullo

Specialty lines global re/insurer Canopius has announced the appointment of Steve Mills (pictured above) as the new head of casualty for its US operations.

Mills brings over three decades of industry experience, having held leadership roles at various insurance organizations across multiple segments and specialties. Most recently, he served as president of excess and surplus at Ledgebrook, a tech-enabled managing general agent start-up. Prior to that, he held a similar position at the Hanover Insurance Group.

Mills will be based in the greater Atlanta area and will report directly to Lisa Davis, CEO of Canopius US and Bermuda.

In his new role, Mills is expected to leverage his extensive experience in casualty underwriting. His responsibilities will include developing both excess and surplus primary casualty and excess casualty products.

These offerings will be made available directly to Canopius’ trading partners, according to the company.

Back in June, Canopius also appointed Mark Houghton to the newly created role of global product leader for specialty.

With over 20 years of experience in insurance and financial services, Houghton joins Canopius from AXA XL, where he led the political risk team for over a decade before becoming head of specialty in Asia.

Continued profitability for Canopius

The company also recently unveiled its financial results for the first half of 2024, ending June 30, highlighting significant growth across key financial metrics.

For the first half of 2024, Canopius reported a 23% increase in insurance contract written premium, totaling $1.84 billion, up from $1.50 billion in the same period last year. Net insurance revenue rose by 24% to $980 million, compared to $790 million in the first half of 2023.

The group’s net combined ratio (discounted) improved slightly to 85.4% from 86.9%, while the undiscounted net combined ratio stood at 91.1%, compared to 90.9% in the prior year.

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