HELSINKI: Sampo Group CEO Torbjörn Magnusson will step down this fall after informing the company’s board of his decision to retire, the company announced Wednesday.
Morten Thorsrud, CEO of Sampo’s largest subsidiary, If P&C, has been appointed as his successor.
The leadership transition will take effect Oct. 1, 2025. Magnusson will remain with the company as a senior advisor until the end of the year.
Antti Mäkinen, chair of Sampo’s board, praised Magnusson for his role in the company’s strategic transformation and growth in the Nordic property and casualty insurance market.
“He leaves the group in excellent condition and with a compelling set of opportunities,” Mäkinen said.
Thorsrud, a 23-year veteran of the company, has led If P&C to record performance. His appointment ensures continuity and reflects Sampo’s focus on operational excellence, Mäkinen added.
Magnusson, who joined Sampo in 1999, said the company’s strong position made it the right time to transition leadership.
“Morten has played a crucial role in the success of If P&C, and I am confident he will excel as Group CEO,” Magnusson said.
Thorsrud said he was honored by the opportunity and plans to bring the same customer-focused approach to the broader group.
“As CEO of If, I have continued our efforts to be the most caring and customer-centric P&C insurer,” Thorsrud said. “I intend to bring the same energy to my work as CEO of Sampo Group.”
Sampo Group is one of the Nordic region’s leading insurers, with operations in Finland, Sweden, Norway, Denmark and the Baltic countries.