Sompo
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The carrier has also promoted Annette Wolff to head of professional lines insurance for Germany and Austria. -
The combined ratio increased to 92.4%, driven by investment and inflation.
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The executive replaces Thomas Brazil, who is moving to a new role with the Sompo in Switzerland.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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The appointment comes just over two years after Sompo International entered the political violence and terrorism market.
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The underwriter specialises in business including commodity traders, petrochemical risks and African business.
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Staff turnover remains elevated across marine classes amid a battle to secure talent.
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The former reinsurance CEO will join Sompo International’s board of directors.
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The executive joins from Axa XL and will report to Continental Europe president Ralph Brand.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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The executive will report to CEO James Shea and is based in Florham Park, New Jersey, United States.
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Net profit at a group level took a hit, however, in part due to the impact from domestic natural disasters and major accidents.
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