Shake up at the top: TMK’s new CEO, CUO set stage for international growth

Specialty insurer Tokio Marine Kiln (TMK) has appointed a new CEO and CUO as part of a broader leadership restructuring within its parent company, Tokio Marine Group, aimed at fuelling its international expansion plans. The incoming CEO emphasises that the future for TMK will focus on “creating opportunities and embracing new ways of solving old problems”.

 The changes will see Matthew Shaw, chief underwriting officer (CUO) of TMK since 2020, step up to the role of chief executive officer with effect from April 1, subject to regulatory approval.

Shaw will succeed Brad Irick who is taking up the position of co-head of international business for Tokio Marine Holdings, which is the parent company of Tokio Marine Group. Shaw has four decades of experience in the insurance industry, and according to TMK, “has been the architect behind a transformational underwriting strategy that has led to significant performance improvements for the company in the past four years.”

Current CEO Irick, who has led TMK since January 2020, will succeed Chris Williams as co-head of international business for Tokio Marine Group from April 1, as Williams steps into the role of chairman for Tokio Marine Holdings’ international business.

Furthermore, TMK’s chief risk officer Vivek Syal will be appointed to the role of CUO effective April 1, subject to regulatory approval. Syal joined TMK in 2017 and has played an instrumental role in developing and leading the vision and strategic direction of the business. He has built a strong reputation across the London and Lloyd’s Market, as well as across the Tokio Marine Group where he holds various roles.

Williams, chairman of Tokio Marine Kiln Group, said: “Brad, Matthew, and the executive team have done a tremendous job of leading Tokio Marine Kiln and executing on a strategy that has consistently delivered outstanding results. I have every confidence that its success will continue to strengthen under Matthew’s leadership, and with the support of the whole business.

“Brad and I have worked together for many years, and I couldn’t be more pleased to see him succeed me as I take on the role of chairman of Tokio Marine Holdings’ international business. He is a proven leader and I know he will be instrumental in helping Tokio Marine chart the course of the international business into the future.”

Shaw added: “I’m delighted to be taking up the role as CEO during one of the most pivotal times for our industry. Our clients are facing a new generation of risk and volatility, with novel technology and approaches challenging the status quo and presenting exciting opportunities. Building on our proven strategy and the experience and expertise we’ve gained from 60 years in business, the next phase for TMK is about focusing on our future vision, creating opportunities and embracing new ways of solving old problems. Vivek is a forward-thinking and exceptional leader whose solid experience in our industry and unique perspective will enable him to propel our underwriting strategy forward and ensure our continued success.”

Irick said: “It has been an honour to lead Tokio Marine Kiln for the past four years. TMK’s success lies in the strength and commitment of our people, who have individually and collectively inspired, challenged and motivated me every day to ensure TMK is a business that can perform and benefit our customers, our people and society in any business environment.

“Our people and culture-focused strategy has proven to be a winning formula, and I’m confident that TMK will continue to go from strength to strength under Matthew’s leadership.”

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