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The Corporation’s CEO will run Aon Reinsurance Solutions.
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The move means Lloyd’s will have a new chairman and a new CEO in the same year.
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The executive also served as CCO at Aspen before moving to Vantage.
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The appointment comes a month after AP’s $13.5bn sale to Gallagher.
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Tim Watson most recently served as a senior credit and political risk underwriter.
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III also denies its CEO made anti-gay remarks or harassed a gay employee.
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Old Republic Cyber will focus on providing specialized cyber and technology-related coverage.
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Former COO Jack Falvey’s appointment as CEO was reported last August.
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Brian Young is now Fairfax president, while Carl Overy is Odyssey CEO.
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The executive has also worked for AIG and Ace.
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Saunders will remain with the firm as a senior advisor in a part-time role.
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Danielle Harrison will become SVP, division manager, and Laurel Rudnick will be SVP, CUO.