Bermudian-based Sompo International Holdings Ltd has announced the promotion of Christopher Gallagher to the newly created role of chief executive officer of the company’s commercial property and casualty business.

Mr Gallagher, who will assume the new role immediately, was formerly the chief risk officer and group actuary of the same division and a director of the company.

SI, with offices on Pitts Bay Road, Pembroke, is a specialty provider of property and casualty insurance and reinsurance.

The SI commercial P&C business, the company said in a statement, represents approximately $7 billion in shareholder’s equity, $6 billion in annual gross written premiums and more than 2,000 employees globally.

In his new role, Mr Gallagher will report to Nigel Frudd, chief executive officer of SI and senior executive vice-president and chairman of overseas M&A for Sompo Holdings.

The SI commercial P&C executive leaders currently reporting to Mr Frudd will now report to Mr Gallagher, the company said.

Mr Frudd said: “As we continue to build out Sompo International with an unrelenting focus on profitable growth, Chris and the executive leadership of our commercial P&C business will maintain our core discipline of underwriting excellence and seek additional opportunities to scale our technology and infrastructure to support this growth.

“Chris brings global experience and a commercial perspective which will serve us well given the many challenges that our industry faces and which continue to evolve.”

John Charman, executive chairman of SI, said: “I am delighted that Chris has been appointed to this newly created role and that he has recently joined our board of directors. He brings a wealth of industry knowledge and expertise to this role and has a lengthy track record of successful leadership, both at Sompo and in his prior positions.

“SI commercial P&C is incredibly well positioned to become a truly unique and relevant platform and a more meaningful contributor to the results of the Sompo Group. I look forward to working with Chris and our executive leadership team to make our vision for the company a reality.”

Mr Gallagher said: “Being part of this extraordinary leadership team since 2015, I think we have an exceptional opportunity as we continue to build Sompo International, creating even greater value for our clients, distribution partners and the overall Sompo Group.”

Mr Gallagher joined SI in September 2015 as chief risk officer and group actuary. Before that, he held a similar role at Axis Capital and previously served as a consultant with Ernst & Young, providing insurance and actuarial advisory services in the London insurance market.