Mike Southgate, the head of marine, energy and engineering at Canopius, is to leave the carrier, The Insurance Insider can reveal.
Southgate joined Canopius in February 2016 to head up the marine and energy division, after serving as active underwriter at Montpelier Syndicate 5151.
It is understood that the departure will have no impact on Canopius’ risk appetite in the business lines Southgate oversaw.
The marine market at Lloyd’s is in flux after successive years of significant losses. As a result, a number of carriers have withdrawn from writing business and senior personnel have moved between carriers.
Around 20 entities have ceased or severely restricted their underwriting of hull and cargo risks in the past year, including Axis and Navigators, according to the International Union of Marine Insurance.
Southgate was instrumental in launching Montpelier’s marine underwriting operation at Lloyd’s in 2009, and before that was a director and marine insurance manager for Swiss Re in London.
The highly respected underwriter has over 30 years’ experience in the marine market and served on Lloyd’s Market Association’s Joint Hull Committee between 1999 and 2006.
He began his insurance career as a hull underwriter at Sturge Syndicate in 1980, before moving to Aon to work as a hull broker, according to LinkedIn.
Canopius declined to comment.