Specialty insurer Tokio Marine Kiln (TMK) has appointed Matthew Shaw as chief executive officer (CEO) with effect from 1 April, subject to regulatory approval.
Shaw is set to 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.
TMK described Shaw as an accomplished leader with four decades of experience in the insurance industry. He has served as chief underwriting officer (CUO) of TMK since 2020 and was reportedly the “architect” behind the transformational underwriting strategy that has led to significant performance improvements in the past four years.
Meanwhile, Irick has led TMK since 1 January 2020, helping it to achieve consistent profitability as “one of the largest and highest-performing insurers at Lloyd’s”.
Alongside these changes, TMK chief risk officer Vivek Syal will also be appointed to the role of CUO effective 1 April, subject to regulatory approval. Syal first joined TMK in 2017 and has reportedly “played an instrumental role” in developing the vision and strategic direction of the business.
Chris Williams, chairman of Tokio Marine Kiln Group, commented on the changes, “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 himself 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 added, “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.”
