Sompo International Holdings Ltd. has chosen a new CEO, promoting an inside executive to the position.

The Bermuda-based specialty provider of property/casualty insurance and reinsurance said that Mikio Okumura will be appointed Chief Executive Officer of Sompo as of January 1st, 2020 subject to regulatory approvals.

Okumura will succeed Nigel Frudd, who will still be responsible for Overseas M&A for the Sompo Group and also act as a Special Advisor to corporate parent Sompo Group’s CEO, Kengo Sakurada, effective April 1, 2020.

Currently, Okumura is Sompo Group’s Chief Strategy Officer, is an Executive Officer of Sompo Holdings and is a Non-Executive Director of SIH, having previously served as the CEO of Sompo Group’s Nursing Care and Healthcare business in Japan from April 1, 2016 until March 31, 2019.

In his new role, Okumura will report to John Charman, CEO of Sompo Holdings Overseas Insurance and Reinsurance Business and Chairman of SIH. He’ll also be appointed an Executive Director of SIH as of January 1st, 2020 and intends to relocate to SIH’s offices in New York City subject to immigration approval.

Source: Sompo International Holdings Ltd.