Sampo taps insurance unit head for top job again

Finnish insurer Sampo said Wednesday it has appointed Morten Thorsrud as its new group chief executive, succeeding Torbjörn Magnusson, who will retire.

The change will be effective Oct. 1, with Mr. Magnusson remaining as a senior advisor until the end of the year, the company said.

Mr. Thorsrud currently serves as the CEO of If P&C, Sampo's largest subsidiary, marking the second consecutive time the company has promoted the head of its main insurance unit to the group's top position.

Mr. Magnusson was also the CEO of If P&C before being appointed group CEO at the start of 2020.

"The appointment of If’s CEO Morten Thorsrud as Group CEO represents continuity and reflects our commitment to operational excellence," said Antti Mäkinen, Chair of Sampo's Board.

Mr. Mäkinen added that Mr. Thorsrud, a 23-year veteran of the group, "has taken If’s performance to new heights as CEO."

Mr. Magnusson said the company's strategic transformation is complete and the business is in "excellent shape."

"Morten has played a crucial role in the success of If P&C and I am confident he will excel as Group CEO of Sampo,” Mr. Magnusson said in a statement.