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Tokio Marine Kiln Group Ltd. on Friday said that Charles Franks, CEO of the London-based insurer for the past 11 years, is taking on a new role within the Tokio Marine Group and deputy CEO Brad Irick will succeed him from Jan. 1, 2020.
Nick Hutton-Penman will be deputy CEO, effective Oct. 1., Tokio Marine Kiln said in a statement.
Paul Culham, chief underwriting officer of Tokio Marine Kiln is also stepping down after 32 years with the company, the insurer said.
Mr. Culham will leave at the end of September and his successor will be announced “in due course,” Tokio Marine Kiln said.
Mr. Franks will remain a member of the Tokio Marine Kiln board and will remain in position until the end of 2019, the insurer said.
Mr. Irick, who has held the role of deputy chief executive officer since August 2018, served as chief financial officer at Tokio Marine HCC since 2010. Prior to that, he worked in the insurance practice of PriacewaterhousCoopers International Ltd.
Mr. Hutton-Penman joins from Tokio Marine HCC International in London where he held several roles including chief operating officer of HCC International Group and chief executive officer of HCC Underwriting Agency, the insurer said.
The senior leadership changes come in the wake of an investigation at the Lloyd’s of London underwriting arm of Tokio Marine Kiln Group Ltd. following a Bloomberg BusinessWeek report that two executives were forced to resign amid sexual harassment allegations.
Tokio Marine Kiln did not respond to requests for comment on the progress of the investigation.
Tokio Marine HCC said Susan Rivera, executive vice president and chief operating officer, has been appointed its next CEO as of Sept. 1.