Japanese insurance holding company Tokio Marine has named Satoru Komiya as its new president and group CEO, effective June this year.

Komiya will replace Tsuyoshi Nagano, who will become the chairman of the board.

Nagano will replace Shuzo Sumi, who has stepped down from his post.

Additionally, Tokio Marine’s senior managing executive officer Shinichi Hirose has been promoted to become the company’s director, after the resignation of Toshifumi Kitazawa.

Furthermore, Hirose will also assume the role of president and CEO of Tokio Marine & Nichido Fire Insurance, a wholly owned subsidiary of Tokio Marine, effective 1 April 2019.

Tokio Marine Group includes Tokio Marine Holdings, 249 subsidiaries and 22 affiliates. The group is engaged in the domestic non-life insurance, domestic life insurance, international insurance, and financial and general businesses.

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Tokio Marine was founded in 1879 and is headquartered in Tokio. The Japanese insurer serves its clients in more than 38 countries across the globe.