Tokio Marine Kiln (TMK) announced that after 11 years as chief executive officer, Charles Franks is assuming new responsibilities within the Tokio Marine Group (TMG). He will be succeeded by Brad Irick as CEO of TMK from Jan. 1, 2020, subject to regulatory approval.
Franks will remain a member of the TMK board where his knowledge of TMK and the Lloyd’s market will continue to benefit the company, said TMK in a statement.
Under Franks’ leadership, the company has grown from £750 million ($924.9 million) to £2 billion ($2.5 billion) in gross written premium and has evolved its diverse portfolio of specialist risks to become one of the largest managing agents in the Lloyd’s market. As part of the succession process, Franks will remain in position until the end of 2019 to facilitate an orderly handover period.
Irick has held the role of deputy CEO of TMK since August 2018. Since joining TMK, Irick has worked closely with Franks on all aspects of the business, including the development of the company’s strategy. He has also had direct responsibility over TMK’s operational areas, actuarial, internal audit and governance and legal functions. Irick brings extensive experience in the specialist insurance industry, having served as chief financial officer at Tokio Marine HCC (TMHCC) since 2010, along with 21 years in the insurance practice of PwC.
TMK also announced Nick Hutton-Penman will succeed Irick, as deputy chief executive officer and become a member of the executive team, effective Oct. 1, 2019, subject to regulatory approval.
Hutton-Penman joins TMK from TMHCC International in London where he fulfilled several roles in his 17-year career including chief operating officer of the HCC International Group and CEO of HCC Underwriting Agency. He was a member of the TMHCC executive team that oversaw the transformation of the TMHCC International business, which included several significant business acquisitions and system and process redesign to accommodate the growth.
In addition, Paul Culham, TMK chief underwriting officer, is stepping down after 32 years with the company. He will leave at the end of September and his successor will be announced in due course.
“Charles has demonstrated exemplary leadership over the past 11 years, and I would like to extend my heartfelt thanks to him. The board and I are grateful for his continued expertise as the company transitions to the new leadership team,” said Chris Williams, chairman of Tokio Marine Kiln Group Ltd.
“In Brad we have found a talented and dynamic leader. He has done an excellent job over the past year, demonstrating focus and strategic thinking. Brad’s experience in specialist insurance, finance and mergers and acquisitions will be complemented by Nick’s excellent operational credentials, and I have every confidence their leadership will propel the business forward,” Williams added.
“After more than a decade leading TMK, this is the right moment for me to hand over the reins. Successful leadership requires deep expertise as well as fresh thinking, and in Brad and Nick, TMK has found a formidable combination,” said Franks.
“On behalf of the whole executive team, I would like to thank Paul [Culham] for his enormous contribution to TMK and for his support to me personally during his tenure. He has been instrumental in the business’ continued development and I wish him every success for the future,” continued Franks.
“After more than three decades at TMK, now is the right moment for change, and I am delighted to pass the baton on. I wish Brad and the team every success as they embrace the opportunities ahead,” said Culham.
Source: Tokio Marine Kiln
*This story ran previously in our sister publication Insurance Journal.