Sompo International promoted a long-time executive in a branch of its commercial property/casualty business. A long-time executive affiliated with AXA XL is stepping down from one of its divisions to pursue other interests.
Sompo International Holdings Ltd. promoted Christopher Gallagher, the chief risk officer and group actuary of Sompo International’s Commercial Property and Casualty (P&C) business and a Director of Sompo International Holdings Ltd.
Gallagher’s new position at the Bermuda-based property/casualty specialty insurer and reinsurer will be the newly created role of chief executive officer of SI Commercial P&C.
The SI Commercial P&C business represents approximately $7 billion in shareholder’s equity, $6 billion in annual gross written premiums and over 2,000 employees globally. In his new role, Gallagher will report to Nigel Frudd, chief executive officer of Sompo International and senior executive vice president and chairman of Overseas M&A for Sompo Holdings.
The SI Commercial P&C executive leaders currently reporting to Frudd will now report to Gallagher.
Gallagher joined Sompo International in September 2015 as chief risk officer and group actuary. Before joining Sompo International, Gallagher held a similar role at AXIS Capital and previously served as a consultant with Ernst & Young LLP providing insurance and actuarial advisory services in the London insurance market. He started his career in the insurance and reinsurance industry in 1996.
AXA XL said that Chris McKeown, the former CEO of New Ocean Capital Management Limited has stepped down from his role as vice chairman to pursue other interests.
McKeown has more than 30 years of insurance, reinsurance and Alternative Capital management experience, and was the founding Chief Executive Officer of New Ocean in 2013. AXA XL said he, along with his team, were instrumental in building out the platform of the then XL majority-owned asset management affiliate, attracting strategic investment, engaging third party investors, and demonstrating the benefits of an affiliation with a strong reinsurer balance sheet. Most recently, McKeown has been an advisor to AXA XL’s Alternative Capital business and continued to serve as a Director of certain New Ocean managed funds.
AXA XL completed the acquisition of all third party ownership interests in New Ocean in November 2018, transforming New Ocean into an internally-managed entity focused on delivering customized portfolios of risk to third party investors directly aligned with AXA XL’s global underwriting franchise.
Founded in July 2013, New Ocean helped AXA XL to partner with private equity fund manager Stone Point Capital and later with Japanese conglomerate, Mitsui & Co., Ltd, to develop an ILS fund manager platform serving institutional investors seeking access to opportunities across the reinsurance industry. To date, New Ocean has managed investments in property catastrophe, specialty and whole account lines of business.
Sources: Sompo International Holdings, AXA XL