Sompo Holdings has reorganised its businesses into two global business segments, Sompo P&C (re)insurance and Sompo Wellbeing, effective from 1 April.
The firm will integrate Sompo International’s (re)insurance business with its Japan commercial and consumer P&C operations.
James Shea, currently chairman and CEO of Sompo’s global business outside Japan, will lead this segment as CEO, reporting to group CEO Mikio Okumura.
Within the new structure, Koji Ishikawa, CEO of Sompo Japan, will continue in his role, now reporting to Shea. Kenneth Reilly will expand his responsibilities as CEO, Insurance, Asia Pacific, to also serve as deputy CEO of Sompo Japan, Commercial Insurance.
Nicolas Burnet will become group deputy CFO at Sompo and CFO for Sompo P&C, overseeing global investment strategy, capital allocation, investor relations, and M&A, reporting to Shea and group CFO Masahiro Hamada.
Meanwhile, Sompo Wellbeing will encompass the life insurance business, Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care.
This segment aims to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs, which are prominent in Japan due to the aging population and declining birth rate.
Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become Sompo Wellbeing CEO, reporting to Okumura. Within this structure, Yasuki Kume will become CEO of Sompo Himawari Life Insurance, and Takamitsu Washimi will continue as CEO of Sompo Care.
Okumura states: “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.”
