Shuzo Sumi
Profile
Performance in office
Tenure
Tenure
Background
He joined Tokio Marine and Fire Insurance in April 1970. He became Managing Director in June 2002 and Senior Managing Director in June 2005.
Selection
He became President in June 2007, succeeding Kunio Ishihara. In March 2007, three months before, the company had received an order to suspend part of its operations over unpaid insurance claims, and the appointment elevated the man driving its sweeping reforms straight to the presidency. The share of overseas insurance in adjusted profit had risen from 4% in the fiscal year ended March 2004 to 17% in the fiscal year ended March 2007, and the plan was to lift it to 20-25% by fiscal 2015.
Initiatives
In May 2008 a core accounting system rebuilt for the first time in 25 years went into full operation together with a new agency system. Development cost ¥60.0 billion excluding hardware, and more than 100,000 people, including agents and sales staff, were trained on it. In July 2008 the company changed its name from Millea Holdings to Tokio Marine Holdings, and on the 23rd of that month announced the acquisition of Philadelphia Consolidated of the US for about $4.7 billion, or ¥498.7 billion, completing it in December. In December 2011 it agreed to buy Delphi Financial Group of the US for about ¥205.0 billion.
Career
Career
Tokio Marine & Nichido Fire Insurance
| Date | Position |
|---|---|
| Apr 1970 | Joined Tokio Marine and Fire Insurance |
| Jun 2002 | Managing Director |
| Jun 2005 | Senior Managing Director |
| Jun 2007 | President |
| Jun 2013 | Chairman |
| Jun 2013 | Stepped down as President |
| Apr 2016 | Senior Advisor |
Tokio Marine Holdings
| Date | Position |
|---|---|
| Jun 2013 | Chairman |