Sompo Holdings has announced a major business restructuring, effective April 1, dividing its operations into two segments: Sompo P&C and Sompo Wellbeing.
Sompo P&C: Strengthening Insurance Operations
James Shea, the current CEO of Sompo’s overseas insurance and reinsurance business, will lead Sompo P&C. This segment will integrate Sompo Japan’s domestic P&C insurance business with Sompo International’s overseas insurance and reinsurance operations. It will also include Sompo Japan DC Securities, Sompo Risk Management, and Sompo Japan Partners.
Shea will maintain oversight of the international business, reporting to Group CEO Mikio Okumura. Additionally, APAC CEO Kenneth Reilly will assume added responsibilities as Deputy President of Sompo Japan, Commercial Insurance, while Koji Ishikawa, head of Sompo Japan, will report to Shea. Meanwhile, Kazufumi Watanabe has been appointed Deputy President of Sompo Direct Insurance.
Sompo Wellbeing: Focus on Life and Care Services
Sompo Wellbeing will be led by Yasuhiro Oba, CEO of Sompo’s domestic life business. This segment will consolidate Sompo Himawari Life, as well as Sompo’s nursing care and wellbeing businesses.
Strategic Vision and Management Overhaul
Okumura emphasized that the restructuring aims to enhance resilience, strengthen global coordination, and leverage business opportunities for sustainable growth. He highlighted that starting from FY2025, Sompo will streamline operations across its businesses and geographies.
Shea noted that the structural reform will help the company navigate economic changes, foster deeper global collaboration, and create an optimal work environment. He also emphasized that the transformation aligns with Sompo’s goal of delivering innovative solutions, maximizing its organizational potential, and achieving sustainable profitability.
To support the restructuring, Sompo will establish management boards for each segment, acting as advisory bodies to the business CEOs. The company will also accelerate decision-making by delegating more authority from the group CEO to business leaders while driving groupwide initiatives through the newly formed management boards.
