John Charman has been promoted to CEO of Sompo Holdings’ overseas insurance business as the group appointed Nigel Frudd as chief executive of Sompo international.
In his new role, which takes effect from 1 April 2019, Charman will be responsible for a segment that currently represents more than 27 percent of Sompo Holdings’ adjusted profit, employing around 9,000 people in 30 countries and regions and is projected to generate more than $10bn in gross premiums by 2020.
He will also join Sompo Holdings’ new global executive committee (Global ExCo), which will be established in April 2019 to provide expertise and input on group-wide strategic decisions.
Charman has served as chairman and CEO of Sompo International since joining the company in May 2013.
Charman will remain as executive chairman of Sompo International but will relinquish the CEO role to Nigel Frudd, who will take the helm of business on 1 January 2019.
Frudd will also become a member of the Global ExCo, in addition to being appointed to the new role of senior executive vice president and chairman of overseas M&A at Sompo Holdings.
Frudd joined Sompo 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 of global M&A in 2015, during which time he led the acquisition of Endurance and later the sale of Canopius.
He subsequently joined Sompo International in March 2017 as chief strategy officer and a member of the board of directors, whilst also retaining his group-level managing executive officer role.
Concurrently, Sompo International has expanded its board of directors with the appointment of Katsuyuki Tajiri as an executive director, effective 1 January 2019.
Recai Dalas, currently CEO & director of Sompo Japan Sigorta serving the Turkish market, will be appointed as CEO of retail and chairman of retail executive committee at Sompo International.
The commercial property and casualty executive leaders currently reporting to Charman, along with Dalas in his capacity as CEO of retail, will now report directly to Frudd.
Kengo Sakurada, group CEO 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.”
Charman added: “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.
“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.”
Frudd remarked: “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.”