Sompo
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Sources said that Japanese big-three carrier Sompo and Italian insurance giant Generali are circling. -
The carrier’s marine and energy liability team is led by recent appointee Stephen Barr.
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The executive held senior roles at Allied World, Lockton, and the Corporation of Lloyd’s.
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The hire comes as the UK-based InsurTech continues its expansion plans in the US.
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The carrier banked a $575mn prior-year reserve charge in fiscal Q4.
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He will succeed retiring Daniel Neo, who will remain at Sompo for the year.
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Allen succeeds Cliff Easton, who is retiring after a 50-year career.
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Sompo International booked an adjusted profit of $860mn for its fiscal Q3.
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The new licence expands the carrier's P&C capabilities in Europe.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
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He will be replaced by current COO Mikio Okumura, who will assume the role of CEO effective 1 April 2024.
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