Tokio Solution Management Ltd., the collateralised reinsurance, insurance-linked securities (ILS) and third-party capital arm of reinsurer Tokio Millennium Re, has re-arranged its senior leadership and announced the departure of Co-CEO Susan Lane.
The Board of Tokio Solution Management said today that it is simplifying the management structure at the third-party reinsurance capital facilitation unit, as a result of a strategic review in light of Tokio Millennium Re’s third-party reinsurance capital strategy having evolved.
Kathleen Faries, Member of the Tokio Solution Board of Directors and Head of Bermuda for TMR’s Bermuda Branch, explained; “We conducted a strategic review of Tokio Solution aimed at operational efficiency to provide the best possible service to our TPC partners in a way that simplifies the organisational structure supporting our TPC strategy, while simultaneously leveraging the resources of TMR and its Capital Solutions unit.”
The review follows the formation of Tokio Millennium Re’s Capital Solutions unit in 2015 and other unspecified operational enhancements at the firm. The simplification of Tokio Solution’s management structure has been decided on as the company focuses its resources on account management and technical portfolio support for third-party capital partners, with the Capital Solutions unit acting as the driver of “convergence-related product development and innovation.”
As a result of the restructure, the company decided that the Tokio Solution Co-CEO role is no longer required. Susan Lane, who held this position since November 2015, has now left the company.
Faries commented on the departure of Lane; “We thank Susan for her hard work and the contributions she has made since joining Tokio Solution nearly two years ago. We wish Susan all the best in her future endeavours.”
Tsuyoshi (Harry) Harigai will now be sole Chief Executive Officer at Tokio Solutions. He joined the Tokio Marine Group in 1995 and has over 20 years’ experience in insurance and reinsurance. He was appointed Head of Operations for Tokio Millennium Re AG, Bermuda Branch and a member of the Board of Tokio Solution in July 2013.
Butch Agnew will remain Vice President, ILS Portfolio Management at Tokio Solution and Dave Courcy will stay as Vice President, Structuring and Finance.