Sompo Holdings has restructured its business into two global segments – Sompo Property and Casualty (re)insurance (Sompo P&C) and Sompo Wellbeing.
Through this move, which will take effect on 1 April 2025, the company aims to create a “resilient, innovative and sustainable platform” to support all stakeholders.
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Sompo P&C will consolidate the insurance and reinsurance operations of Sompo International Holdings with its commercial and consumer property and casualty (P&C) operations in Japan.
James Shea, currently the chairman and CEO of Sompo’s global insurance and reinsurance business outside of Japan, will lead the segment as CEO of Sompo P&C, reporting to Sompo Group CEO Mikio Okumura.
Shea will maintain his role overseeing the Overseas Insurance and Reinsurance business.
Within the new Sompo P&C structure, Koji Ishikawa will continue as the CEO of Sompo Japan, now reporting to Shea.
Kenneth Reilly will take on additional duties as the deputy CEO of Sompo Japan, Commercial Insurance, while retaining his role as CEO, Insurance, Asia-Pacific.
Nicolas Burnet has been appointed group deputy CFO at Sompo Holdings and CFO for Sompo P&C, responsible for global investment strategy, capital allocation, investor relations, and mergers and acquisitions.
Burnet will report to Shea and group CFO Masahiro Hamada.
The second segment, Sompo Wellbeing, will encompass life insurance business Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care.
This segment will focus on creating products and services that address health, retirement financial stability and nursing care needs.
Yasuhiro Oba, CEO of Sompo Himawari Life Insurance, will become CEO of Sompo Wellbeing, reporting to Okumura.
Yasuki Kume will step into the role of CEO of Sompo Himawari Life Insurance and Takamitsu Washimi will continue as the CEO of Sompo Care.
Okumura said: “Our streamlined organisation brings together the deep and diverse range of skills, experiences and perspectives of our people and teams, to deliver more innovative solutions and enhanced problem-solving capabilities. With our collaborative ‘One Sompo’ culture, we are now an even stronger and more adaptable organisation capable of thriving in the dynamic business environments we operate in around the world, both today and into the future.”
Earlier this month, Sompo appointed Lily Claydon as chief risk officer for the Asia-Pacific region. Claydon will take on the new responsibility on 3 March 2025, operating out of Singapore.
