Specialty P&C insurer and reinsurer, Sompo International Holdings Ltd. has announced that together, Michael Chang, Graham Evans, and Christopher Sparro will co-lead the firm’s Commercial Property and Casualty Insurance (SI Commercial P&C) business.
The latest announcement is a continuation of the transformation of Sompo International’s Commercial P&C Insurance business, which represents roughly $4 billion in annual gross premiums written as at the end of December, 2018.
Chang, Evans and Sparro, as well as Chief Executive Officer (CEO) of Global Reinsurance, Stephen Young, will report to Christopher Gallagher, CEO of SI Commercial P&C. At the same time, CEO of SI Commercial P&C, John Kuhn, has stepped down from his role.
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 SI 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.”
Chang joined Sompo in 2016 as CEO of Global Risk Solutions, based in New York. Evans has been with the firm since 2013, having joined as CEO of the European Insurance business, based in London. Sparro is also based in New York, and joined Sompo in 2016 as CEO of North American Insurance.
CEO of Sompo International, Nigel Frudd, 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. The changes announced today highlight the depth of the talent which we believe will allow us to exceed our ambitious objectives.”