Digital risk exchange InsureX has announced that Michael Watson has joined the business as non-executive chairman. Watson is the founder and outgoing chairman of Canopius and a former member of the Council of Lloyd’s.

Gilbert Harrap, chief executive officer of InsureX said: “Our ability to attract a chairman of Michael’s stature illustrates not only the rising importance of algorithmic underwriting in the specialty insurance market, but also the potential of InsurX within it.”

Watson added: “InsurX is finally delivering the market infrastructure we need to realise the promise of the digital revolution in general, and algorithmic trading specifically. I am delighted to support the venture.”

Harrap said new classes of property and contingency business would be added to the exchange’s exiting functionality before the end of the year.