Carbon Underwriting, a specialist independent managing general underwriter and Lloyd’s syndicate, has announced significant changes to its board of directors.
The company has appointed industry leaders Paddy Byrne as chairman and Michael Watson as non-executive director (NED), subject to regulatory approval.
Their appointments coincide with the planned exit of chairman Rupert Atkin, who has played a crucial role in establishing Carbon’s reputation as a leading player in delegated underwriting authority (DUA) business at Lloyd’s.
The firm is a London-based managing general underwriter (MGU) that specialises in delegated underwriting authority.
It leverages technology to provide innovative solutions to the international coverholder market, with a strong focus on data-driven underwriting and risk management.
Carbon operates within the Lloyd’s market and is known for its proprietary Graphene platform, which enhances underwriting efficiency.
Byrne brings extensive experience in both insurance and technology, having previously served as senior non-executive at SRG Group, chairman of 6point6 Ltd, and executive director UK of Xchanging Ltd. Michael Watson, founder of Canopius and former member of the Council of Lloyd’s, has a wealth of leadership experience and a broad network within the insurance sector. Their combined expertise will contribute to Carbon’s next phase of growth and innovation.
Byrne and Watson’s appointments align with Carbon’s strategic objectives and the support of its investor, Apiary Capital. Their expertise is expected to bolster the company’s ability to deliver advanced solutions to the global coverholder market, particularly through its Graphene platform, which integrates data analytics and automation to streamline underwriting processes.
Nick Tye, founder and CEO of Carbon Underwriting, said, “Rupert’s leadership since taking the helm as chairman in Carbon’s early stages, has been pivotal in accelerating our growth. His wisdom and steady hand helped shape us into a market leader in DUA business at Lloyd’s. On behalf of the entire team, I want to express my heartfelt thanks and best wishes for his next chapter.
As we look to the future, we are delighted to welcome Paddy and Michael to our board. Their combined entrepreneurial spirit, deep underwriting expertise, and proven track records in navigating and scaling complex businesses make them the perfect addition to our team. At Carbon, we’ve created a unique culture where cutting-edge technology like Graphene meets the warmth and ingenuity of our people, and Michael and Paddy are perfectly placed to help us harness this blend for the next phase of our journey.”
Outgoing Carbon non-executive chairman Rupert Atkin said, “Carbon is unique – a true innovator that thrives at the intersection of underwriting expertise and technology. What sets them apart is their collaborative spirit; the way they combine deep experience with forward-thinking solutions creates something far greater than the sum of its parts. It has been a privilege to provide strategic oversight and support during such a transformative period, and I am confident their culture will continue to drive them forward as a trailblazer in the delegated underwriting space.”
Carbon non-executive chairman Paddy Byrne added, “What drew me to Carbon is its exceptional team and its commitment to combining technical underwriting prowess with a compelling technology proposition that anticipates and responds directly to market needs. Carbon has an unparalleled opportunity to redefine how delegated underwriting is delivered, and I am thrilled to bring my experience to the table to help drive this vision forward.”
Carbon non-executive director Michael Watson commented:
“Since its foundation, Carbon has enjoyed exceptional growth thanks to the team’s energy, entrepreneurial ethos, and the transformational capabilities of its technology platform Graphene. I look forward to joining the board and contributing to Carbon’s continued success and profitable growth.”
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