Tokio Solution Management, the third party capital markets facilitation arm of Tokio Millennium Re (TMR), has simplified its organisational structure, leading to the departure of co-CEO Susan Lane.
Under the new structure, Tsuyoshi ‘Harry’ Harigai has become the sole CEO, while Butch Agnew remains as vice president for insurance linked securities portfolio management, and Dave Courcy remains in his position as vice president of structuring and finance.
According to Tokio Solution, the co-CEO role is “no longer required”.
Lane and Harigai have been co-CEOs of Tokio Solution since January 2016, when they jointly took over the CEO position from Kathleen Faries who moved to the position of head of Bermuda for TMR.
Before this, Lane was senior vice president and head of business development at Tokyo Solution.
Harigai joined the Tokio Marine Group in 1995, and has extensive experience in the insurance and reinsurance industry. He has also been head of operations for TMR’s Bermuda Branch since 2013, a position he held in conjunction with the co-CEO role.
The strategic structure review follows the creation of TMR’s capital solutions unit in 2015, as well as other operational changes. The new structure is intended to help the company focus on account management and technical portfolio support for third party capital (TPC) partners.
Faries said: “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.”
