Christopher Donelan has been promoted to the role of Chief Executive Officer of specialty underwriter Sompo International’s Reinsurance Business.
Subject to regulatory approval, Donelan, currently the Deputy CEO of Sompo International (SI) Reinsurance, will take on the top position as Chief Executive Officer of SI Reinsurance, leading a business responsible for roughly $2.4 billion of annual gross written premiums operating from the United States, Bermuda, the United Kingdom, Switzerland and Singapore.
In the CEO of Reinsurance role, Donelan will report to Christopher Gallagher, CEO of SI’s Commercial P&C business.
Stephen Young, the current CEO of Reinsurance at SI has resigned to pursue other interests, the company explained.
Gallagher commented on the promotion to CEO of Donelan, “I am extremely pleased that Chris has assumed the role of CEO of SI’s Reinsurance business. His extensive industry experience, strong relationships with our major clients, distribution partners and employees, historical knowledge of our company combined with a proven track record of building profitable and meaningful reinsurance portfolios qualifies him as the ideal executive to lead our Reinsurance business. In addition to his role as CEO, Chris will be joining the SI Commercial P&C Executive Team. Finally, I would like to thank Stephen Young for his many contributions to SI over his 17- year tenure with the company and wish him the very best in his future endeavors.”
John Charman, Executive Chairman of SIH and CEO of Sompo Holdings Overseas Insurance and Reinsurance Business, also said, “I am delighted that Chris has been appointed to this position. I’ve known and worked closely with Chris for almost 20 years and have complete confidence in his ability to lead this critically important segment of our global business. Chris is well known throughout our industry as an excellent underwriter and a decisive leader who has the proven ability to build profitable portfolios, attract and develop strong talent and drive strategic initiatives across a global platform. I look forward to continuing to work closely with him and the rest of the SI and Reinsurance leadership teams as we continue the transformation of Sompo International into a top 10 global insurer and reinsurer.”
Donelan said, “I’m honored to accept the role of CEO of SI’s Reinsurance business having been a part of this team for over 6 years. Emerging from all the current market turmoil, I am convinced we have the opportunity to substantially increase the profile of our reinsurance platform to become an even more relevant and strategic, global partner for our cedants and broker partners. I look forward to the challenge and would like to thank Chris, John, and the SIH leadership team for giving me this opportunity.”
Donelan has more than 30 years of insurance and reinsurance industry experience, having held senior reinsurance leadership roles at a number of leading property and casualty carriers.
Sompo International’s reinsurance business works closely with the firms Blue Capital Management collateralised reinsurance and retrocession focused investment manager.