PEMBROKE, Bermuda, May 24, 2021 (GLOBE NEWSWIRE) -- Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that after 8 years with the company and over five decades of unparalleled success 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 Mr. 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, he will be appointed Chief Executive Officer of Sompo International Holdings. All of Mr. Shea’s appointments will be effective September 1, 2021, subject to regulatory approvals. He will report to Mr. Kengo Sakurada, Group Chief Executive Officer of Sompo Holdings Inc.
John Charman shared, “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. 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. I am both very happy and extremely confident that Jim will continue to lead with the values that Sompo International has become known for - standing behind the promises we make to our clients, business partners and employees. Jim is an outstanding professional and he has my total support in his new role.”
Mr. 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.
Mr. 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 their Executive Committee based in Zurich, Switzerland. Prior to his role with Zurich Insurance, Jim spent nearly 20 years at AIG in a variety of underwriting and leadership roles in New York, London, Paris, Tokyo and Singapore.