They say two heads are better than one – and perhaps the same applies to CEOs too.
Sompo International Holdings has today made a double announcement with the appointment of two new heads of different business areas.
Promoted are John Charman, appointed CEO of Sompo Holdings’ overseas insurance business, as well as Nigel Frudd, taking the role of CEO of Sompo International.
Charman will take his role beginning on April 01 next year, moving up from his current position of chairman of the board of directors and CEO of Sompo International. He will now take charge of a segment of business that represents more than 27% of Sompo Holding Group’s adjusted profit and employs around 9,000 people across 30 countries. Charman also joins the new Global Executive Committee of Sompo Holdings (Global ExCo) which will be established in April 2019 to provide expertise and input on group-wide strategic decisions.
“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,” Charman said. “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 organisation as we develop a unified platform for all commercial and retail business outside of Japan. I look forward to working with him in his new role. 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.”
Meanwhile, Frudd will take his new role as CEO of Sompo International from January 01, subject to applicable regulatory approvals. He will also join the Global ExCo and be appointed to the new role at Sompo Holdings of senior executive vice president and chairman of overseas M&A.
“I am extremely optimistic at the prospects for Sompo International to grow on the very strong foundation that we have built to date,” said Frudd. “We have a highly experienced and capable leadership team who will continue to build our global presence and deliver exceptional value to our clients, business partners, shareholders and employees. 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. I look forward to leading Sompo International and contributing to the overall vision and success of Sompo Holdings in this particularly challenging global business environment.”
Frudd originally joined Sompo International back in March 2017 as chief strategy officer and as a member of the board of directors.