DARAG names former Sompo Canopius CEO as chairman

DARAG, a European run-off insurance company, has appointed Stuart Davies as chairman of the group.

Davies is the former group CEO of Sompo Canopius, and prior to that, served as managing director of AEGIS London. He is currently an investment partner at private equity firm Disruptive Capital, a private equity fund investing in disruptive business.

He succeeds Claus Stenbaek, who will remain on the board as a non-executive deputy chairman.

"DARAG is a market-leading organisation in the field of European non-life run-off business, with unparalleled reach in its core German, French, Italian, Austrian, Scandinavian and Portuguese markets," Davies said.

DARAG has aquired a number of insurance companies in run-off, including Stockholm-based Swedish captive Ikano Försäkring, a wholly-owned subsidiary of Ikano Group.

Davies continued: "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. I am therefore delighted to be joining this enterprising company and look forward to working with the DARAG team."