Brad Irick takes over as CEO of Tokio Marine Kiln from 1 January 2020, with a new chief underwriter appointed in due course
Charles Franks is stepping down as CEO of Tokio Marine Kiln (TMK) after eleven years in the job.
Franks is to be replaced by Brad Irick from 1 January 2020, subject to regulatory approval, staying on as a board member of the London market re/insurer.
Irick has held the role of deputy chief executive officer of TMK since August 2018.
Paul Culham is also stepping down after 32 years with the company as TMK’s chief underwriting officer.
He leaves at the end of September and his successor “will be announced in due course”.
Kiln grew from £750m to £2bn in gross written premium during Franks’ tenure as chief executive; its previous parent HCC was bought by Japanese parent Tokio Marine in 2015.
Irick previously served as chief financial officer at Tokio Marine HCC (TMHCC) since 2010, along with 21 years in the insurance practice of consultancy PwC.
Culham has been a driving force in establishing TMK’s leading reputation for innovation in the specialist insurance market. He will leave at the end of September and his successor will be announced in due course.
TMK has also added Nick Hutton-Penman to the executive team, as deputy chief executive officer, effective from 1 October 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 chief executive officer of HCC Underwriting Agency.
“Charles has demonstrated exemplary leadership over the past eleven years, and I would like to extend my heartfelt thanks to him,” said Chris Williams, Chairman of Tokio Marine Kiln Group.
“The board and I are grateful for his continued expertise as the company transitions to the new leadership team,” he said.
“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,” said Williams.
Franks said: “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.
“On behalf of the whole executive team, I would like to thank Paul 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,” he added.
Irick said: “This is an exciting and transformative time for our industry. TMK has always led the market, and this period is no exception. Our exceptional talent, relationships and innovative thinking position us well for success, and I look forward to driving the business forward with renewed focus and energy.”
Culham added: “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.”