John Karlen, the current Manufacturing Technology Mutual Insurance Company (MTM) president will step down on June 1, 2025, and be succeeded by Megan Brown, the company's VP of Marketing and Sales for the last 18 years.
After 53 years of insurance management, it seems time to turn the MTM helm over to a “new” manager. After lots of discussion, assessment and planning meetings, the Board of Directors over the last year came up with a transition date of 6/1/25.
For the last 11 years I have had the good fortune to work with the members of the MTM Board, the MTM staff, our agents, and customers. All parties understand the importance and worthiness of the MTM mission. Management jobs have ups and downs, and I can tell you the downs for me have been shallow and short. We have built MTM, although smaller than most commercial insurance companies, to have performance ratios that beat the large companies. For this, the rating agencies of A.M. Best and Demotech have given us A- ratings. And the only reason we don’t get an “A” is that rating agencies look at smaller companies with a more cautious eye. I am especially proud that over the last 10 years we have returned over $37 million of dividends to our member owners. Everything we do, Board, management and staff is looked at through the lens of what is best for our members. It is this environment that I am reluctant to leave as President of MTM. However, since my wife of 49 years retired five years ago there is some home pressure. With that said, I am not disappearing from the MTM scene but before I get to that, let me tell you about the new MTM President, which many of you already know.
In the discussion with the Board about hiring a new President, I became a consultant, and we talked at great length about whether we should go to the outside or stay with an inside candidate. The Board is pleased with the company culture, member focus, and our financial results which led them to an inside candidate. Outside candidates can bring the risks of cultural and staffing changes as well as loss of the MTM mission and the Board wanted to reduce those probabilities. With that, the Board of Directors and I are delighted to tell you that effective 6/1/25, the new MTM President is Megan Brown.
Megan has been with MTM for 18 years as the Vice President of Marketing and Sales. I have spent the past 2 years mentoring Megan for this transition, refining her skills and expertise in company finance, investment protocols and regulatory compliance. During this last year, Megan and I have jointly attended every important company meeting, she has been a part of building the company culture, works with our Board members and Committees and knows many of our policyholders firsthand.
She will make the current President, me, look second rate. Just like many of our member companies that turn the helm over to a younger family member, I feel the same way with Megan. I am excited to see how she will improve our results and make MTM even better. By the way, I should also mention her insurance education credentials of ARM (Associate in Risk Management), CWCP (Certified Workers’ Compensation Professional), and CAWC (Certified Authority on Workers’ Compensation).
Lastly, as I said a paragraph or so ago, leaving is not something that I am anxious to do, and I was delighted that the Board of Directors asked me to stay on and provide services on a less than full-time basis. My career expertise has been in underwriting and actuarial studies, that part I will keep and report to Megan. So, as of 6/1 I will be Underwriting V.P. but more importantly, I will be an advisor for Megan. Having a second opinion at the top is always helpful. She has been my sounding board, it is my turn to be hers.
The bottom line for our members is that the culture of MTM will not change nor will the focus of MTM. You will have a smarter, younger President and I cannot think of a better person than Megan for the MTM future and support of our 964 member owners.