Vario Global Capital Limited

Whole account reinsurance, collateralised by capital markets

Vario Global Capital Limited


Managing risk appetite

Optimise and protect capital and/or earnings


Specialists in transforming underwriting risk into capital markets securities

Bryan Joseph

ILS structuring & Actuarial

Contact: | +44-778-654-3999

Bryan has over thirty years experience in the insurance and reinsurance industry globally.

His experience has spanned the development of capital market solutions, underwriting, pricing and balance sheet restructuring. He has worked with some of the world's largest insurers and reinsurers and assisted them in all aspects of risk management and capital.

He has led the PwC actuarial practice in both the UK and globally. He was designated actuary on a number of the very early ILS transactions.

Bryan is also a non-exec director of XL Catlin UK Ltd.

James McPherson

Project management

Contact: | +44-794-986-7448

James is one of the three founding partners of Vario.

Before Vario he was a PwC Partner for 10 years and a qualified Actuary for over 20 years assisting insurers and reinsurers with reserving, pricing, capital efficiency and M&A. At PwC he lead the London Market Actuarial practice.

Whilst in industry with Travelers (previously St Paul), James was a Director of the Lloyd's Managing Agency which grew from less than $100m of premium to over $1bn in seven years.

Rebecca Elliott

Finance & Accounting

Contact: | +41-797-081-645

Rebecca has over 20 years experience in the (re)insurance industry. She qualified as a chartered accountant, leading audit and consulting teams as a senior manager at PwC in London and Zurich.

She has led some of the largest global audit teams in the (re)insurance industry, managing all aspects including co-ordination of actuarial, tax and asset management. She also successfully managed the first solvency model validation assurance assignment globally.

Rebecca is accredited for a variety of accounting bases including US GAAP, IFRS and local and regulatory reporting, with her industry knowledge being recognised by the Swiss Regulator, FINMA.

Michael Watson



Michael is a well-known and highly experienced insurance industry figure, who led the management buy-out of Canopius, developing it into a leading Lloyd's managing agency. The business was successfully sold to Sompo Japan Nipponkoa Insurance in December 2013. He remains executive chairman of Sompo Canopius and led another $1bn MBO of the business in 2017 with private equity backing.

Michael was also recently a member of the Council of Lloyd's and a Board member of the Lloyd's Market Association.


The Vario group of companies include:

Registered Office

One Fleet Street, London, EC4M 7WS, UK

VAT Number