MS&AD has sent representative Masahiko Kobayashi to join the Challenger board, as part of the Japanese insurer’s increased ownership of the Australian group.
The strategic relationship between the two companies was declared in March, with MS&AD increasing its shareholding to more than 15 per cent of issued capital.
Challenger commenced reinsurance of US dollar denominated annuities issued by Mitsui Sumitomo Primary Life Insurance (MS Primary), an MS&AD subsidiary in July.
Mr Kobayashi, currently director and managing executive officer, corporate planning, risk management and finance at MS Primary, will be taking the role of non-executive director on the Challenger board.
He has more than 30 years’ experience in general and life insurance – prior to joining MS Primary, Mr Kobayashi held a number of executive and director roles within the MS&AD Group, including roles based in Singapore and the UK.
Challenger’s chairman Peter Polson commented: “I am delighted to welcome Kobayashi-san to our board.
“He has extensive international and Japanese insurance experience and his appointment builds on the success of our strategic relationship with MS&AD, which commenced over three years ago.
“This relationship provides significant opportunities to expand our alliance and drive growth for both companies.”
Mr Kobayashi will also join Challenger’s nomination committee.
He will stand for re-election at Challenger’s annual general meeting, scheduled on 31 October.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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