Finnish Insurer Sampo Picks Thorsrud as CEO to Succeed Magnusson

Finland’s Sampo Oyj appointed Morten Thorsrud to succeed retiring Torbjorn Magnusson as chief executive officer, in a sign of continuity at the helm of the property and casualty insurer.

Thorsrud, who currently runs the If P&C unit within the group, will take the top job at Sampo on Oct. 1, Helsinki-based Sampo said in a statement Wednesday, adding he was chosen from among a group of internal candidates. Magnusson will stay as a senior adviser until the end of the year.

The appointment underscores stability at Sampo, which has in recent years transformed into a pure play insurer after divesting non-core holdings, including at Nordea Bank Abp, and spinning off asset manager Mandatum Oyj.

“With the strategic transformation of Sampo complete and the business in excellent shape, I have come to the conclusion that it is time for me to hand over to the next generation of leadership,” said Magnusson, who has been with the group for a quarter century.

Thorsrud’s career at Sampo spans more than two decades and his most recent role has been to lead If, the group’s crown jewel with about 4 million customers in the Nordic and Baltic countries.