Finnish insurance conglomerate Sampo Oyj has announced a significant leadership transition, appointing Morten Thorsrud as its new chief executive officer. Thorsrud, currently heading Sampo’s flagship If P&C Insurance division, will succeed outgoing CEO Torbjörn Magnusson on October 1, 2025.
The leadership change comes as Sampo completes a comprehensive strategic transformation, having divested non-core businesses to focus on property and casualty insurance. The company has recently spun off its life insurance and asset management arm, Mandatum Oyj, and previously divested its holdings in Nordea Bank Abp.
Magnusson, who has led Sampo since 2019 and served the company for 25 years in various capacities, will remain as a senior adviser until the end of 2025. He stated that with the strategic transformation complete and the business in ‘excellent shape,’ he believed it was time to hand over to the next generation of leadership.
Thorsrud brings over 20 years of experience within the Sampo Group to his new role. As the current head of If P&C Insurance, he has been instrumental in growing the division into the region’s leading general insurer, serving approximately four million customers across the Nordic and Baltic countries.
The appointment is expected to provide continuity as Sampo continues to consolidate its position in the Northern European non-life insurance market. Industry observers will be watching closely to see how Thorsrud navigates challenges including digitalisation, climate risk, and regulatory scrutiny in the competitive insurance landscape.
