Michael Chang, Graham Evans, and Christopher Sparro will co-lead the commercial property and casualty insurance business of Sompo International Holdings Ltd. (“SIH”), a Bermuda-based specialty provider of property and casualty insurance and reinsurance.
SIH said in a statement that its commercial P&C insurance business represents nearly $4 billion in annual gross written premiums (as of December 31, 2018) and has operations in the United States, Bermuda, the United Kingdom, and Europe.
The company added that, in their new roles, Messrs. Chang, Evans, and Sparro, in addition to Stephen Young, the chief executive officer of global reinsurance, will report to Christopher Gallagher, the chief executive officer of SIH's commercial P&C business.
Concurrent with this change, the company added, John (Jack) Kuhn, the chief executive officer and chief underwriting officer of SIH's commercial P&C insurance business, has stepped down from his role.
Mr. Gallagher commented, “This restructuring clearly demonstrates the continuing transformation of Sompo International's commercial P&C insurance business. We have assembled a strong group of experienced and talented insurance and reinsurance underwriting leaders who are extremely capable of leading this organization going forward. I am confident that we are well positioned to continue to create value for our clients, distribution partners and other stakeholders and that the [SIH] commercial P&C business will become an even more meaningful contributor to the overall results of the Sompo Group. I would like to thank Jack for his contributions since joining the company and wish him the very best in his future endeavors.”
Nigel Frudd, SIH's chief executive officer, said, “Our industry is at a critical point as consolidation continues and pricing appears to be gaining favorable momentum. Sompo International has the leadership, resources, and capabilities to take advantage of these opportunities and are committed to achieving significant growth organically, strategically by M&A and through global partnerships.”
Mr. Chang joined the company in 2016 as the chief executive officer of global risk solutions and is based in New York. Mr. Evans joined in 2013 as the chief executive officer of the European insurance business and is based in London. Mr. Sparro, who is based in New York, joined in 2016 as the chief executive officer of North American insurance. Mr. Young, who is based in Bermuda, has been the chief executive officer of the reinsurance segment since 2016, having joined the company in 2002.
Learn more: www.sompo-intl.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].