Shake up at Sompo as it restructures

Bermuda’s Sompo International Holdings Ltd has launched “strategic reorganisation” of its insurance business “to best prepare for expansion and sustainable growth”.

The restructure will see a raft of personnel changes from 4 April: Michael Chang, chief executive officer of Sompo Global Risk Solutions, will be global head of customer and distribution management, reporting to James Shea, CEO of Sompo International. Julian James, CEO of international insurance, will oversee the newly named EMEA (Europe, Middle East, Africa) region and provide commercial P&C oversight in Asia and Latin America. He will continue to report to Chris Gallagher, CEO of Sompo International Commercial P&C.

Daniel Neo, managing director and senior executive director of Sompo Holdings (Asia) meanwhile, will lead P&C commercial and consumer insurance in Asia Pacific and report to Shea. Finally, US insurance CEO Chris Sparro will oversee a newly created North America Region (Sompo North America), including all P&C Insurance in the U.S., Canada, Mexico and Bermuda. He will also continue to report to Gallagher.

According to the P&C re/insurer, the new structure will “ensure a consistent market approach and improve the ease of doing business globally with Sompo”. It will also leverage the group’s “underwriting acumen, market expertise, consistency of appetite and focus on customer service”.

Sompo International CEO James Shea said: “As part of a very large P&C business with over 130 years of history, Sompo International has become a stronger, dynamic and more relevant market presence in our industry. Our leadership team is committed to investing in the best talent and tools to meet the strategic goals of the business and successfully enter new markets while helping to drive our brand recognition around the world. Our priorities remain the same – we will lead with our core values, and our customers and trading partners will be at the centre of everything we do.”