After eight years with Sompo International, and more than five decades in insurance, executive chairman and chief executive John Charman is retiring in April 2022 when his current contract ends.
Replacing Charman as executive chair of the Sompo International Holdings board, CEO of overseas insurance and reinsurance business at Sompo Holdings, and chief executive of Sompo International Holdings is James Shea. Subject to regulatory approvals, Shea will take on the three posts on September 01 this year.
“I am delighted and honoured to be joining Sompo at this historic point in time for the organisation,” said the successor, who will be taking the helm at the segment that represents more than 30% of Sompo Holdings’ projected adjusted profit. Headquartered in Bermuda, Sompo International is manned by approximately 6,600 people globally.
“Building on the extremely strong franchise, significant balance sheet, and the ability to transact complex business of scale on a global basis is energising,” added Shea, “and I am looking forward to working with the talented and highly regarded executives and colleagues at both Sompo Group and Sompo International.”
The incoming boss most recently served as commercial insurance chief executive at Zurich Insurance Group, and brings more than 25 years of global insurance experience to the property and casualty (re)insurer, whose confidence and support Shea said he is thankful for.
Shea will be reporting to Sompo Holdings group CEO Kengo Sakurada.
Meanwhile, the outgoing chief had this to say: “I am extremely proud of what we have accomplished in a relatively short time at Sompo International. We have delivered on our promise of creating a truly formidable, integrated, global franchise that now has the scale, ratings, capital, talent, and desire to compete and win in any market we choose to operate in.”
“Having accomplished what we set out to do following the acquisition of Endurance by Sompo in 2017, I believe that the time is now appropriate for me to hand over the reins to Jim and to retire when my current contract expires,” stated Charman.
“I am both very happy and extremely confident that Jim will continue to lead with the values that Sompo International has become known for – standing behind the promises we make to our clients, business partners, and employees. Jim is an outstanding professional and he has my total support in his new role.”