Sompo Holdings Restructures Business Into 2 Global Segments

Sompo Holdings Inc., the Tokyo-based insurance holding company, announced it is restructuring 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, the company explained.

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 of Sompo’s global insurance and reinsurance business outside of Japan.

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 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 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 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 aging population and declining birth rate.

Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become Sompo Wellbeing CEO, reporting to 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 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,” commented Sompo Group CEO Mikio Okumura in a statement.

“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,” Okumura 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,” according to Shea.

“Sompo Japan and our Overseas business together represent in excess of US$30 billion 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,” Shea continued.

About Sompo Group

Building on 135 years of innovation, Sompo Group is a leading integrated insurance and financial services group comprising Sompo Holdings Inc. and its subsidiaries, which provide solutions in property/casualty insurance globally, and life insurance and nursing care in Japan.

Source: Sompo Group