Michael McGuire, who came on board Sompo International two decades ago and served as chief financial officer from 2006, has been succeeded by Nicolas Burnet.
According to the property & casualty (re)insurance provider, Burnet’s appointment took effect on March 7. The Zurich Insurance Group alumnus most recently served as CFO at PartnerRe.
“I’m thrilled to join Sompo International at such an important time in the organisation’s growth journey,” stated Burnet, who is based in Boston. “I’m looking forward to building on its record of exceptional delivery in close collaboration with the leadership team and colleagues globally.”
Chief executive James Shea, meanwhile, said he is “very pleased” to welcome Burnet to Sompo International.
“With his considerable expertise and strong background from multiple financial positions overseeing both P&C and life business on a global basis, Nick will play a key part in driving our ambitious growth plans and shaping the future of our company,” commented the CEO.
“He is a well-known and dedicated leader in the insurance industry who will make an immediate impact.”
As for the former finance chief, Shea also had nothing but warm words for McGuire.
“It has been a great pleasure working with Mike since I joined Sompo in 2021, and I’ve seen up close his dedication and passion to lead with our core values and put our people, clients, and trading partners at the centre of everything we do,” he said. “Mike has been integral to the growth of our organisation and has played a key role in bringing us to where we are today.
“I thank him for his exceptional contributions and am pleased he will remain with us to support the transition process and to consult with me on various strategic initiatives.”
Sompo International, which employs 10,000 people and is headquartered in British overseas territory Bermuda, did not elaborate on McGuire’s decision to step down from the CFO post.