‘I used to be paid £1 an hour’: CEO of Tokio Marine Kiln on how he made it
Matthew Shaw skipped university to get into the working world as fast as he could. Now he heads up Tokio Marine Kiln, one of the world’s leading insurers. He tells us how he did it, and the best advice he got on the way, in this week’s Square Mile and Me
CV
- Name: Matthew Shaw
- Title: CEO of Tokio Marine Kiln
- Previous roles: Various CUO/CEO roles
- Age: 60
- Born: Lancing in Sussex
- Lives: Chislehurst Kent
- Talents: Few and far between these days!
- Motto: Always add value
- Coffee order: Double espresso
- Cocktail order: Mojito
- Favourite book: Prisoners of Geography
What was your first job?
I had a painting and decorating holiday job while I was at school in Shoreham by Sea in Sussex. It paid £1 per hour, and I worked 40-hour weeks accompanied by an hour walk each way to get there and back. All so I could buy some LPs and flared corduroy trousers – now that is showing my age!
What was your first role in the City or insurance world?
I was a box assistant for a small Lloyd’s managing agency called Gravett & Tilling in 1982. I went into it straight from school, skipping university to get into the working world as fast as I could. At the time, there were four of us: two box assistants and two underwriters in the old Lloyd’s building at 51 Leadenhall. After I had been there for a year or so, we got our first computer which had a Matrix-like green LED display – very different to the tech we have now!
When did you know you wanted to build a career in insurance?
About a year after starting work in the City. When I started out, I had no real plan but after I had spent the first year finding my feet, I realised how much I enjoyed the environment and knew it was a good career path for me.
What’s one thing you love about London?
London is a fabulous city with so much life, character and diversity. Whether it’s the fabulous West End or the incredible restaurant choices, there is so much variety in terms of sights and entertainment. It’s busy and vibrant but still retains an old school charm all of its own. It also happens to still be THE insurance hub for specialty insurance, which for me, as the CEO of one of the leading speciality insurers, means it’s a fantastic place to be.
And one thing you would change?
The one thing I would change, in the UK in general, is the weather.
What’s been your most memorable business lunch or dinner?
My most memorable dinner was in Eze in the South of France at a particularly famous restaurant called the Chevre D’OR. It was a dinner during the Monaco Historic GP weekend, and I was there with a number of insurance brokers from around the market. Despite it being over 20 years ago it is still probably the most lavish dinner I have ever attended – there was a fair amount of vintage champagne and cognac.
And any business faux pas?
For my first job interview in the City aged 17, I was asked to lunch. I looked at the menu and was somewhat taken aback at the pricing. Remembering I was earning just £1 per hour in my holiday job and not realising that someone else was going to pay, I ordered the cheapest thing on the menu: a plain green salad.
What’s been your proudest moment?
Being appointed as the CEO of Tokio Marine Kiln. I started at TMK in May 2020 as chief underwriting officer and was absolutely thrilled to transition to CEO four years later. Tokio Marine Kiln is such an iconic Lloyd’s business, and the innovation and expertise we bring to our brokers and clients is something we pride ourselves on every single day. We are a market leader, in the full sense of the word, in so many classes of business, and I am honoured to lead such a talented and dedicated team in a company that has both great heritage and a strong backing from our parent company, Tokio Marine Group.
What’s the best business advice you’ve ever been given?
Work hard and never be afraid to ask a question. Wherever you are in your career, you are still on a learning curve. When you stop learning it is time to retire.
And the worst?
It will probably sort itself out on its own…
Are you optimistic for the year ahead?
Very optimistic. The market in general will of course present challenges in 2025, but we have a solid team of empowered experts across the business with deep industry experience, who can navigate what the year presents for our customers. Our approach has always been one of innovation, constantly evolving to meet the demands of clients as risks change. Many of us have worked through several market cycles before: they are often when strong foundations and strategic underwriting discipline really shine through, so I think we are in great shape.
We’re going for lunch, and you’re picking – where are we going?
Mei Ume in the Four Seasons Trinity Square.
And if we’re grabbing a drink after work?
The Royal Exchange.
Where’s home during the week?
Chislehurst in Kent.
And where might we find you at the weekend?
Eze Sur Mer in the South of France.
You’ve got a well-deserved two weeks off. Where are you going and who with?
Back to my favourite place in the world, Eze Sur Mer, with my favourite people: my family.