CRO of the Year: Sheldon Lacy, Canopius Group

Key Takeaways

• 130% premium growth since 2019 AmTrust acquisition
• Risk team won InsuranceERM “Risk Team of the Year”
• Implemented Decision Focus GRC system, eliminating spreadsheets
• AI governance council balances technology with human oversight
• Cross‑function roundtables address geopolitical “grey rhino” risks

Summary

Sheldon Lacy marked his 10th year as chief risk officer and his 50th birthday while steering Canopius Group through rapid growth and a shifting insurance market. Since the 2019 AmTrust acquisition, the firm’s gross written premiums have surged 130%, and its risk function earned the InsuranceERM "Risk Team of the Year" award. Lacy has modernized risk, legal and compliance operations with a new GRC platform, AI governance framework, and cross‑functional roundtables to tackle geopolitical "grey rhino" threats. He emphasizes aligning risk appetite with strategy and fostering talent that can move beyond the risk silo.

Pulse Analysis

Canopius Group’s recent performance illustrates the strategic advantage of embedding risk management at the core of business decisions. By coupling a clear risk appetite with aggressive growth targets, the firm turned a 130% increase in gross written premiums into a sustainable trajectory, even as the property‑casualty market shifts from a hard to a softer rate environment. This alignment not only secured the InsuranceERM "Risk Team of the Year" accolade but also reinforced board confidence, proving that a proactive CRO can translate risk insight into commercial opportunity.

Technology has become a catalyst for Canopius’s risk evolution. The deployment of Decision Focus’s governance, risk and compliance (GRC) platform replaced fragmented spreadsheets, delivering real‑time risk visibility and streamlined control ownership. Simultaneously, Lacy’s AI governance council ensures that emerging tools enhance decision‑making without compromising oversight, embodying a balanced approach that many insurers are still grappling with. These initiatives underscore how data‑driven risk frameworks can improve operational efficiency and support rapid scaling.

Geopolitical volatility and regulatory complexity have added new layers to the risk landscape. Lacy’s introduction of cross‑functional roundtables to assess "grey rhino" events—high‑impact, predictable threats—has fostered collaboration across underwriting, legal, and finance, turning potential disruptions into relationship‑building opportunities. By encouraging junior risk staff to transition into broader business roles, Canopius cultivates a talent pipeline that reinforces resilience. This holistic, forward‑looking risk culture positions the insurer to navigate future market cycles while maintaining growth momentum.