Sompo International Makes Executive Changes
Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced that effective April 1, 2019, Mr. John Charman, currently Chairman of the Board of Directors and Chief Executive Officer of Sompo International, will be promoted to Chief Executive Officer of Overseas Insurance Business in Sompo Holdings, Inc.
This segment of Sompo Holdings’ business currently represents more than 27% of Sompo Holdings Group’s adjusted profit, employing around 9,000 people in 30 countries and regions and is projected to have more than $10 billion in gross premiums by 2020.
In such capacity, Mr. Charman will join the new Global Executive Committee of Sompo Holdings which will be established in April 2019 to provide expertise and input on group-wide strategic decisions. Mr. Charman will remain as Executive Chairman of Sompo International’s Board of Directors, a role he has held since joining the company in May 2013.
Mr. Nigel Frudd will become Chief Executive Officer of Sompo International, effective January 1, 2019, subject to applicable regulatory approvals. Mr. Frudd will also join the Global ExCo and be appointed to the new role at Sompo Holdings of Senior Executive Vice President and Chairman of Overseas M&A.
Consistent with the planned build out of Sompo International, the company is expanding its Board of Directors. Mr. Katsuyuki [Dave] Tajiri will be appointed to the Company’s Board as an Executive Director effective January 1, 2019.
Having joined Sompo Holdings in 1990, he brings a wealth of experience in the retail insurance market including his recent tenure as Executive Director of Sompo Holdings [Asia] Pte. Ltd., which serves the ASEAN countries. Last year, he was appointed Executive Officer of Sompo International Retail, responsible for laying the foundation for this new integrated retail platform, which primarily focuses on personal lines products.
Mr. Recai Dalas, currently Chief Executive Officer & Director, Sompo Japan Sigorta serving the Turkish market, will be appointed to Chief Executive Officer of Retail and Chairman of Retail Executive Committee in Sompo International.
In this role, he will drive the integration of retail business outside of Japan as well as continuing to lead Sompo Holdings’ subsidiary in Turkey, a role he has held since that company was founded in 2001.
The Commercial Property and Casualty executive leaders currently reporting to Mr. John Charman, along with Mr. Dalas in his capacity as Chief Executive Officer of Retail, will now report directly to Mr. Frudd as Chief Executive Officer of Sompo International.
Mr. Kengo Sakurada, Group Chief Executive Officer of Sompo Holdings, commented, “We are excited that these strategic management changes will enable Sompo International to reach the next level of growth, with a greater presence globally in both the commercial and retail insurance industry.
“At the same time, Sompo Holdings is also strengthening our corporate governance structure in order to promote diversity and globalization. One of the key elements is forming the Global ExCo and we are very pleased that John and Nigel will be coming on board as inaugural members.”
Mr. Charman commented, “I am delighted to have the opportunity to work even more closely with my Sompo Holdings colleagues in Japan and to further the substantial progress we are making toward our shared vision of increasing the contribution of the overseas business.
“Nigel has played a strategic role in the creation and integration of Sompo International to date and I have every confidence in his ability to lead the expanded organization as we develop a unified platform for all commercial and retail business outside of Japan. I look forward to working with him in his new role. Also, we now will have the opportunity to make a greater impact on Sompo Holdings’ future success as members of the Global ExCo, a singular arrangement among the major Japanese insurers.”
Mr. Frudd added, “I am extremely optimistic at the prospects for Sompo International to grow on the very strong foundation that we have built to date. We have a highly experienced and capable leadership team who will continue to build our global presence and deliver exceptional value to our clients, business partners, shareholders and employees.
“We now have several very talented leaders with extensive experience and skills in the retail business joining Sompo International and they will drive profitable growth as we integrate Sompo Holdings’ overseas businesses.
“I am pleased to be appointed to the new Global ExCo with John as it further strengthens the relationship between Sompo International and Sompo Holdings and provides a platform for proactive global co-operation. I look forward to leading Sompo International and contributing to the overall vision and success of Sompo Holdings in this particularly challenging global business environment.”
Mr. Frudd was appointed by Sompo Holdings as a Non-Executive Director of Canopius upon its acquisition in 2014, taking on a full time role with Sompo Holdings as Managing Executive Officer Global M&A in 2015 in which capacity he led the acquisition of Endurance and later the sale of Canopius.
Mr. Frudd joined Sompo International in March 2017 as Chief Strategy Officer and a member of the Board of Directors. At the time, he also retained his role as Managing Executive Officer of Sompo Holdings where he was Head of Global M&A.
Previously Mr. Frudd has held senior positions in leading UK insurance companies, been a partner in City of London law firms, specializing in the corporate and financial services sector, and a Partner in the Corporate Finance division of a leading UK firm of Chartered Accountants. Mr. Frudd has an LLB [Hons] from the University of Leeds, qualified as a Barrister [Gray's Inn] and as a Solicitor of the Supreme Court.
