TOKYO, Feb. 14, 2025 (GLOBE NEWSWIRE) -- Sompo Holdings Inc. (Sompo Holdings), an integrated financial group committed to delivering health, wellbeing and financial protection, today announced the formation of its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C), and Sompo Wellbeing, effective April 1, 2025. The simplified organization provides a resilient, innovative and sustainable platform to support all its stakeholders.
Sompo P&C will integrate Sompo International Holdings Ltd's insurance and reinsurance business together with its Japan commercial and consumer P&C operations. The segment will be led by James Shea, currently Chairman and Chief Executive Officer (CEO) of Sompo's global insurance and reinsurance business outside of Japan. Mr Shea will become CEO, Sompo P&C, continuing to report to Sompo Group CEO Mikio Okumura. He will also continue in his current role running the Overseas Insurance and Reinsurance business.
Within the new Sompo P&C business structure:
- Koji Ishikawa, CEO of Sompo Japan, continues in his role, and will now report to Mr Shea.
- Kenneth Reilly will expand his current responsibilities as CEO, Insurance, Asia Pacific, to also include Deputy CEO of Sompo Japan, Commercial Insurance.
- Nicolas Burnet will become Group Deputy Chief Financial Officer (CFO) at Sompo Holdings, and CFO for Sompo P&C. He will help oversee the global investment strategy for Sompo in addition to capital allocation, investor relations and merger & acquisitions. He will report to Mr Shea and Masahiro Hamada, Group CFO.
Sompo Wellbeing will include the life insurance business, Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care. Sompo Wellbeing will work as one group to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs. These are all prominent challenges in Japan due to the country's ageing population and declining birth rate.
Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become Sompo Wellbeing CEO, reporting to Mikio Okumura.
Within the new Sompo Wellbeing business structure:
- Yasuki Kume will become CEO of Sompo Himawari Life Insurance.
- Takamitsu Washimi will continue as CEO of Sompo Care.
Sompo Group CEO Mikio Okumura said: "Sompo Group is taking the next step towards our goal of becoming a truly global financial institution born in Japan. By creating our Sompo P&C and Sompo Wellbeing global business segments, we will deliver a sustainable platform that meets the needs of all our stakeholders.
"Our streamlined organization brings together the deep and diverse range of skills, experiences and perspectives of our people and teams, to deliver more innovative solutions and enhanced problem-solving capabilities. With our collaborative 'One Sompo' culture, we are now an even stronger and more adaptable organization capable of thriving in the dynamic business environments we operate in around the world, both today and into the future."
James Shea, who will assume the position of CEO, Sompo P&C said: "This structural change is part of our ongoing evolution to remain resilient amid economic changes. It will simplify our business, allowing us to continue to foster deeper connections and alignment across geographies, deliver profitable results to our shareholders and create the best place to work in our industry.
"Sompo Japan and our Overseas business together represent in excess of US $30bn gross written premium driven by more than 40,000 employees worldwide. With a balanced portfolio globally of 51% commercial, 35% consumer and 14% reinsurance, we are well positioned across geographies and products to continue our strategy.
"I'm looking forward to maximizing the potential of our organization as a global community, driving innovation to achieve both our purpose and our strategic objectives more effectively."
Yasuhiro Oba, who will be appointed CEO Sompo Wellbeing, said: "Sompo Wellbeing provides solutions for 'health', 'nursing care' and 'finance after retirement' concerns by connecting Sompo Himawari Life Insurance's Insurhealth®, Sompo Care's nursing services, and other healthcare-related activity to realize Sompo's Purpose: 'For a future of health, wellbeing and financial protection'. In addition to insurance coverage, we will also provide services for 'ease of mind' across the boundaries of our operating companies, thereby staying close to the daily lives of our customers."
About Sompo Group
Building on 135 years of innovation, Sompo Group is a leading integrated insurance and financial services group committed to delivering health, wellbeing and financial protection to businesses and individuals worldwide. Sompo Group comprises Sompo Holdings Inc. (Sompo Holdings) and its subsidiaries, providing solutions in property and casualty insurance globally, and life insurance and nursing care in Japan.
Sompo Holdings has excellent financial strength as evidenced by ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard & Poor's. Shares of Sompo Holdings are listed on the Tokyo Stock Exchange (8630.T).
To learn more please follow us on LinkedInor visit sompo-hd.com.
Sompo Contact
Yoichi Shibuya
General Manager, Japan Media Relations, Sompo Holdings
E: 10_sompopr@sompo-japan.co.jp
Mike Jones
Global Head of Media Relations, Sompo
M: +44 7765 901899
E: mijones@sompo-intl.com
