Sompo taps new CUO for global commercial P&C business

Sompo taps new CUO for global commercial P&C business | Insurance Business New Zealand

Property

Sompo taps new CUO for global commercial P&C business

Retiring predecessor to take on advisory role

Property

By
Kenneth Araullo

Sompo International has promoted a stalwart of 10 years to head the company’s commercial P&C underwriting efforts.

The insurer has named Richard Allen to the position of chief underwriting officer (CUO) for its global markets commercial property & casualty (P&C) insurance division. Previously serving as executive vice president, commercial P&C insurance and professional lines product leader within the global markets sector, Allen succeeds Cliff Easton, who is transitioning into retirement while remaining as an advisor to the company.

In his newly appointed role, Allen is tasked with collaborating with the chief underwriting officers for commercial P&C insurance across Sompo’s regional offices, including the UK, Continental Europe, Asia-Pacific, Turkey, and Brazil.

Prior to his decade-long tenure at the company, Allen was previously with AXIS Capital as an international financial institutions manager. Before this, he also held roles at Novae Syndicates Ltd, QBE Insurance, and Chubb.

Allen, who will continue his tenure from the company’s London office, reports directly to Julian James, CEO of global markets at Sompo.

James remarked on the appointment, highlighting Allen’s internal progression within Sompo as a testament to the company’s commitment to fostering talent from within.

“He has been with the company for nearly a decade in different product and management roles, giving him a keen view of our business. An exceptional leader with more than 25 years of industry experience, Rick brings underwriting expertise, discipline, and technical skills to this pivotal role,” he said.

James also expressed gratitude towards the retiring Easton for his contributions to the company, especially during his tenure as CUO over the last four years.

“I would also like to take this opportunity to thank Cliff for his many contributions, not only as CUO for these past four years, but for being a tremendous business partner and leader. With a career that spans 50 years, he joined the company in 2014 to establish a London market underwriting presence and he has been instrumental in shaping our business into what it is today,” James said.

Allen’s elevation to the role follows another high-profile promotion. Earlier this month, Sompo announced Koji Takahashi as the new chief risk officer and head of reinsurance for Sompo Japan.

What are your thoughts on this story? Please feel free to share your comments below.