John Charman will leave his role as chief executive officer of Bermudian-headquartered Sompo International Holdings Ltd next year to become CEO of Overseas Insurance Business at parent company Sompo Holdings Inc.

In his new position he will head up a segment of Sompo Holdings that represents 27 per cent of the group’s adjusted profit, employs about 9,000 people in 30 countries, and is projected to have more than $10 billion in gross premiums by 2020.

Mr Charman will take up his new role in April, and will also join the new global executive committee of Sompo Holdings, which will be established that month. He will remain executive chairman of Sompo International, a role he has held since joining the company in 2013.

Nigel Frudd takes over as CEO of Sompo International, effective on January 1, subject to applicable regulatory approvals. He will join the Global ExCo and be appointed to the new role at Sompo Holdings of senior executive vice-president and chairman of overseas M&A.

Regarding his new role, Mr Charman said: “I am delighted to have the opportunity to work even more closely with my Sompo Holdings colleagues in Japan and to further the substantial progress we are making towards our shared vision of increasing the contribution of the overseas business.

“Nigel has played a strategic role in the creation and integration of Sompo International to date and I have every confidence in his ability to lead the expanded organisation as we develop a unified platform for all commercial and retail business outside of Japan. I look forward to working with him in his new role.

“Also, we now will have the opportunity to make a greater impact on Sompo Holdings’ future success as members of the Global ExCo, a singular arrangement among the major Japanese insurers.”

Mr Frudd said: “I am extremely optimistic at the prospects for Sompo International to grow on the very strong foundation that we have built to date. We have a highly experienced and capable leadership team who will continue to build our global presence and deliver exceptional value to our clients, business partners, shareholders and employees. We now have several very talented leaders with extensive experience and skills in the retail business joining Sompo International and they will drive profitable growth as we integrate Sompo Holdings’ overseas businesses.”

Sompo International is also expanding its board of directors. Katsuyuki Tajiri is being be appointed executive director.

Recai Dalas, currently CEO and director, Sompo Japan Sigorta serving the Turkish market, will be appointed to CEO of retail and chairman of retail executive committee in Sompo International.

Kengo Sakurada, group CEO of Sompo Holdings, said: “We are excited that these strategic management changes will enable Sompo International to reach the next level of growth, with a greater presence globally in both the commercial and retail insurance industry. At the same time, Sompo Holdings is also strengthening our corporate governance structure in order to promote diversity and globalisation. One of the key elements is forming the Global ExCo and we are very pleased that John and Nigel will be coming on board as inaugural members.”