TMK has grown from £750m to £2bn in GWP under Charles Franks’ leadership
Tokio Marine Kiln (TMK) has revealed a series of leadership changes starting with chief executive of eleven years – Charles Franks assuming new responsibilities within the group.
Franks will be succeeded by Brad Irick as chief executive of TMK, effective from 1 January 2020 and subject to regulatory changes. But Franks will remain a member of TMK’s board contributing his extensive knowledge of the firm and the Lloyd’s market.
TMK has grown from £750m to £2bn in GWP under Franks’ leadership as well as increasing its portfolio of specialist risks, it now claims to be one of the largest managing agents in the Lloyd’s market.
Paul Culham, TMK’s chief underwriting officer is also stepping down after 32 years, leaving at the end of September, with a successor announced in due course.
Irick explained: “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.”
Irick has held the role of deputy chief executive at TMK since August 2018, he has worked closely with Franks developing the firm’s strategy.
He was also directly responsible for TMK’s operational areas – actuarial, internal audit, governance and legal functions. He 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.
Franks added that after more than a decade leading TMK that this is the right moment for him 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. The opportunity for the business is vast, and I have every confidence that with strong and dynamic leadership, supported by the incredible talent within the business, this will be an exciting new chapter for TMK. 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,” Franks added.
Culham said: “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.”
Chris Williams, chairman of TMK group ltd, said: “Charles has demonstrated exemplary leadership over the past eleven 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.
“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.”
TMK has also appointed a new deputy chief executive officer – Nick Hutton-Penman effective from 1 October and subject to regulatory approval.
He joins from TMHCC in London where he held several roles over 17 years including chief operating officer of the HCC International Group as well as chief executive officer of HCC Underwriting Agency.
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