The global insurance chief executive of Sompo International Holdings, John (Jack) Kuhn, has stepped down.
In April 2018 Kuhn, in addition to his global insurance CEO post, took on the new role of chief underwriting officer for the Bermuda-based providerâ€™s commercial property and casualty (P&C) insurance business. Now the unit â€“ which is present in the US, Bermuda, the UK, and Europe â€“ will see changes in its leadership structure concurrent with Kuhnâ€™s departure.
Itâ€™s been announced that Michael Chang, Graham Evans, and Christopher Sparro will co-lead the operation effective immediately. They will report to commercial P&C chief executive Christopher Gallagher. Meanwhile also reporting to the commercial P&C boss is global reinsurance CEO Stephen Young, who previously reported to Kuhn.
â€œThis restructuring clearly demonstrates the continuing transformation of Sompo Internationalâ€™s commercial P&C insurance business,â€ stated Gallagher. â€œWe have assembled a strong group of experienced and talented insurance and reinsurance underwriting leaders who are extremely capable of leading this organization going forward.
â€œI 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.â€
Based in New York, Chang and Sparro both joined Sompo International in 2016 as chief executives of global risk solutions and North American Insurance, respectively. London-based Evans, meanwhile, came onboard in 2013 in his capacity as CEO of the European insurance business.
Commenting on the development, Sompo International chief executive Nigel Frudd said the appointments demonstrate depth of talent which they believe will allow the specialty (re)insurer to exceed its ambitious objectives.
â€œOur industry is at a critical point as consolidation continues and pricing appears to be gaining favorable momentum,â€ he noted.
â€œSompo International has the leadership, resources, and capabilities to take advantage of these opportunities and is committed to achieving significant growth organically, strategically by M&A (mergers and acquisitions) and through global partnerships.â€