A new chief executive officer is to lead Bermudian-based Sompo International Holdings Ltd from the start of the new year.

Mikio Okumura will assume the role on January 1, taking over from Nigel Frudd, subject to regulatory approvals.

He will report to John Charman, CEO of Sompo Holdings Overseas Insurance and Reinsurance Business.

Mr Charman said: “I am delighted to welcome Okumura-san as CEO of Sompo International Holdings.

“Having worked very closely with him as a non-executive director of SIH and together as members of the Sompo Holdings Group global executive committee over the last year, I have been impressed by his demonstrated leadership, global experience and what he has been able to accomplish throughout his career. I look forward to working with him as we continue to grow and develop SIH’s extensive, global insurance and reinsurance platforms.”

He also thanked Mr Frudd for his contributions during the past 2½ years, and added: “I am looking forward to continuing to work with him as a member of the Sompo Holdings Group global executive committee and in his new role as special adviser to the Sompo Group CEO. I wish him much success as we continue to grow and transform Sompo Holdings Group.”

In addition to his advisory role to Sompo Group CEO Kengo Sakurada, Mr Frudd will be responsible for the group’s overseas mergers and acquisitions.