As part of the revamp, Sompo P&C will consolidate Sompo International Holdings’ insurance and reinsurance business with its commercial and consumer property and casualty (P&C) operations in Japan.
James Shea, currently chairman and chief executive officer (CEO) of Sompo’s international insurance and reinsurance business, will lead the segment as CEO of Sompo P&C. He will continue reporting to Sompo Group CEO Mikio Okumura (pictured above) and will retain his role heading up the overseas insurance and reinsurance business.
Within the Sompo P&C structure, Koji Ishikawa will remain CEO of Sompo Japan and will now report to Shea. Kenneth Reilly, CEO of Insurance for the Asia-Pacific region, will take on additional responsibilities as deputy CEO of Sompo Japan’s commercial insurance division.
Nicolas Burnet will serve as group deputy chief financial officer (CFO) for Sompo Holdings and CFO of Sompo P&C, overseeing global investment strategy, capital allocation, investor relations, and mergers and acquisitions. He will report to Shea and Masahiro Hamada, group CFO.
The second business segment, Sompo Wellbeing, will focus on life insurance and nursing care services in Japan. It will include Sompo Himawari Life Insurance and Sompo Care, which the company says will develop products and services that address issues related to aging, financial stability after retirement, and long-term care.
The restructuring also comes in response to Japan’s aging population and declining birth rate.
Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become CEO of Sompo Wellbeing, reporting to Okumura. Within the new segment, Yasuki Kume will take on the role of CEO of Sompo Himawari Life Insurance, while Takamitsu Washimi will continue as CEO of Sompo Care.
Okumura said that the creation of the two business segments will support the company’s long-term sustainability and commitment to stakeholders. In the second half of 2024, Sompo reported a 20% increase in net attributable income, reaching ¥120.04 billion ($818.2 million).
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