Industry Veteran Charman to Retire from Sompo Int’l, Succeeded by Zurich’s Shea

Sompo International Holdings Ltd., a Bermuda-based specialty provider of property/casualty insurance and reinsurance, announced that after eight years with the company and more than five decades in the industry, John Charman will retire from Sompo International at the end of his current contract in April 2022.

James Shea has been selected to succeed Charman in his role of executive chairman of the board of directors, Sompo International Holdings Ltd., and chief executive officer of Overseas Insurance and Reinsurance Business, Sompo Holdings Inc.

In addition, Shea will be appointed chief executive officer of Sompo International Holdings. All of Shea’s appointments will be effective Sept. 1, 2021, subject to regulatory approvals. He will report to Kengo Sakurada, group chief executive officer of Sompo Holdings.

Shea has over 25 years of global insurance experience, most recently serving as the CEO of Commercial Insurance for Zurich Insurance Group and as a member of its executive committee in Zurich. Prior to his role with Zurich Insurance, Shea spent nearly 20 years at AIG in a variety of underwriting and leadership roles in New York, London, Paris, Tokyo and Singapore.

“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,” said Charman in a statement.

“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,” he added.

Shea will inherit the leadership of a segment that represents more than 30% of Sompo Holdings Group’s projected adjusted profit, employs approximately 6,600 people in over 29 countries and regions and more than $12 billion in gross premiums. The segment includes SI’s Commercial Property and Casualty operations led by CEO Chris Gallagher, and SI’s Retail platform, led by CEO Katsuyuki Tajiri.

“We are extremely grateful for the immense success and advancement that Mr. Charman has contributed to the Sompo Group,” Sakurada commented.

“He will leave our organization in a much stronger position than when he began and his dedication, accomplishments and legacy have impacted our company and industry significantly,” Sakurada added.

“Under his leadership, Sompo International transformed into a globally relevant, trusted partner to our brokers and clients and most importantly, a place where our employees are proud to work. We wish him all the very best in his upcoming retirement,” he said.

“I am delighted and honored to be joining Sompo at this historic point in time for the organization,” Shea said. “Building on the extremely strong franchise, significant balance sheet and the ability to transact complex business of scale on a global basis is energizing and I am looking forward to working with the talented and highly regarded executives and colleagues at both Sompo Group and Sompo International.”

Source: Sompo International Holdings Ltd.