European specialist run-off insurer, DARAG, has announced that Stuart Davies has been appointed to succeed Claus Stenbaek as Chairman of the Group, effective immediately.
Within the global insurance industry Davies most recently served as Group Chief Executive Officer (CEO) of Sompo Canopius, and was previously Managing Director of AEGIS London. He began his career with Ernst & Young, and is currently an Investment Partner at Disruptive Capital, a private equity firm.
DARAG reports that Stenbaek will remain on the Board of the company as non-executive Deputy Chairman.
Commenting on his new position, Davies said; “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.
“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.”