Sompo Holdings has announced the repositioning of its business into two global segments: Sompo Property and Casualty re/insurance (Sompo P&C) and Sompo Wellbeing.
Effective 1st April, Sompo P&C will integrate the carrier’s insurance and reinsurance businesses together with its Japan commercial and consumer property and casualty operations.
The segment will be led by James Shea, currently chairman and CEO of Sompo’s global insurance and reinsurance business outside of Japan. Shea will become CEO, Sompo P&C, continuing to report to Sompo Group CEO Mikio Okumura. He will also continue in his current role running the Overseas Insurance and Reinsurance business.
Sompo Wellbeing covers its life insurance business, Sompo Himawari Life Insurance, and its nursing services business in Japan, Sompo Care.
Mikio Okumura said: “Sompo Group is taking the next step towards our goal of becoming a truly global financial institution born in Japan. By creating our Sompo P&C and Sompo Wellbeing global business segments, we will deliver a sustainable platform that meets the needs of all our stakeholders.
James Shea added: “This structural change is part of our ongoing evolution to remain resilient amid economic changes. It will simplify our business, allowing us to continue to foster deeper connections and alignment across geographies, deliver profitable results to our shareholders and create the best place to work in our industry.”
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