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18 December 2018Insurance

Sompo creates COO position, reorganises structure, management

Japan-based Sompo is creating the position of group chief operating officer (COO) from Jan. 1, 2019 and is reorganising its group structure.

The COO will support the CEO in the management of the group and make decisions on behalf of the CEO with respect to domestic, operational and administrative items.

Sompo Holdings is also changing its governance structure from having a board of company auditors to committees in order to “accelerate the decision-making and execute more actively to achieve its goals,” according to a corporate statement.

The change in the governance structure includes the establishment of “Global ExCo” (Global Executive Committee) in April 2019 to “discuss and make decisions from the group-wide viewpoint”. It will act as an advisory board to the group CEO. Key members of this board include executives from Sompo’s overseas insurance business such as John Charman and Nigel Frudd.

In addition, the Sompo International Holdings (SIH) board of directors will be expanded from 3 to 5 members.

Furthermore, John Charman will assume the role of CEO of overseas insurance business of Sompo Holdings and remain as SIH executive chairman. Nigel Frudd will be appointed as SIH CEO in addition to chairman of overseas M&A of SOMPO Holdings. Recai Dalaş will be appointed as “CEO of SIH Retail” which is going to be established within SIH. Retail ExCo will be formed under SIH with key overseas executives in the group in the same way as the P&C (commercial) insurance business. SIH Retail will be based in Istanbul, Turkey.

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19 November 2018   Japanese insurer Sompo benefitted from lower losses from natural catastrophes in North America in the six months ended Sept. 30, 2018 compared to the same period a year ago.
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31 January 2019   Efforts by Sompo-owned Blue Capital Reinsurance Holdings to reduce volatility and improve the balance of its portfolio were scuppered by more heavy catastrophe losses in 2018 and further loss creep from events in 2017 as it posted another set of heavy losses.
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20 May 2019   Japan-based specialty reinsurer Sompo Holdings has predicted it will see “a record high” in its fiscal year 2019 (FY 2019) results for ordinary profit and consolidated net income, as it reported steady increases in net income for FY 2018.