Canopius Re targets growth, hires DeCouto as CUO, Morgan as CFO in Bermuda

Canopius Reinsurance (Canopius Re), the dedicated reinsurance arm of specialty re/insurance underwriter the Canopius Group, has announced the hiring of a new CUO and CFO in Bermuda, as it looks to build-out a team tasked with expanding its reinsurance capacity, part of which will come from third-party investors.

Recall that recently Canopius hired well-known insurance-linked securities (ILS) focused executive Brent Slade in Bermuda, who took on a new role as Head of ILS and has a remit to expand ILS activities for the Group.

That followed the addition of Charles Cooper as its global reinsurance lead and Bermuda CEO in 2023.

Today’s announcement about two new senior Bermuda reinsurance hires discusses an ambition to expand the Canopius Reinsurance footprint, part of which will rely on Slade’s ILS unit and its activities, it appears.

Two well-known Bermuda reinsurance leaders have joined Canopius, with former Validus Re executive Jesse DeCouto joining as Chief Underwriting Officer and from AXA XL executive Tonia Morgan joining as Chief Financial Officer.

Morgan starts in her new role at the company on July 1st, succeeding Teresa Gallant, while DeCouto is set to join on September 1st, occupying a newly created role at Canopius.

DeCouto joins Canopius Reinsurance as its Chief Underwriting Officer in Bermuda.

His career began as a pricing actuary in 2000 and he has almost 25 years of experience, most recently as the Global Chief Underwriting Officer for Validus Reinsurance.

Morgan has over two decades of finance experience in the global reinsurance industry, most recently at AXA XL as its CFO of Bermuda Reinsurance.

Morgan has a deep technical knowledge of US GAAP, the regulatory environment in Bermuda and insurance-linked securities (ILS), which Canopius noted “makes her perfectly suited to this role.”

The goal is to develop the Canopius Re Bermuda platform to expand its reach and scope in the market, leveraging the expertise of executives there and joining, alongside Slade’s ILS activities and additional hires are also set to join the firm.

DeCouto and Morgan will both report to Charles Cooper, CEO, Canopius Reinsurance Limited and Global Head of Reinsurance.

Charles Cooper commented, “We are steadily increasing the level of reinsurance capacity we can offer in the market in a very targeted way and assembling a small team of senior leaders with the expertise and networks we need to realise our growth strategy.

“Jesse and Tonia are exactly that, representing some of the best talent in the market – Jesse brings unrivalled underwriting experience and broker relationships, Tonia will be instrumental in facilitating the small, entrepreneurial culture that we need to drive growth in a targeted way.

“Alongside Brenton, we will now have the ideal people in place to embark on the next phase of our strategy.”

DeCouto added, “The growth plan which Charles has outlined and the opportunity to work with such an accomplished and well-respected team is exciting, compelling, and ultimately too good to pass up. I am delighted to join the Canopius Reinsurance Senior team at this formative time for the business and look forward to this exciting new challenge.”

Morgan further said, “With a strong understanding of the Reinsurance market in Bermuda, I am looking forward to creating an impact within an entrepreneurial team that is looking to build an enduring business in the region. It’s an exceptionally talented team and I’m excited to get started.”