Tokio Marine Holdings, Inc.
2-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo
TSE code number: 8766
Tokio Marine Holdings, Inc. (hereinafter called the "company", President: Shuzo Sumi) is pleased to announce that its group company, Tokio Marine & Nichido Fire Insurance (China) Co., Ltd. (hereinafter called the "Chinese subsidiary"), has obtained preliminary approval from the China Insurance Regulatory and Management Committee of the China Insurance Regulatory Commission on October 28, 2011 to establish a Beijing branch.
Preparations for its opening are underway, and the Beijing branch is scheduled to begin operations in May, 2012.
After reorganizing the former Shanghai branch (the first business organization established by a Japanese insurance company in September, 1994) into a wholly-owned subsidiary in November, 2008, the company subsequently established its Shanghai, Guangdong and Jiangsu branches under the management of the Chinese subsidiary in January 2009, July 2010 and August 2011 respectively.
With the opening of our fourth branch in China, we will be able to provide faster and higher quality services from a local-based office, as well as direct acceptance of insurance from our customers in Beijing. Preparations for the opening of the Beijing branch are under way, and the branch is scheduled to commence operations in May, 2012 after final approval is obtained from the relevant authorities.
Along with underwriting various kinds of insurance that meet our customers' needs, the Chinese subsidiary is prepared to offer diverse risk management services in accordance with various risks and regulations specific to China. The Chinese subsidiary has steadily expanded operations, and at present is the largest Japanese affiliated P&C insurance company and stands among the top foreign P&C insurance companies operating in China. At the Beijing branch to be newly opened, we will continue to provide high quality products and services and endeavor to further reinforce our company's foundation in the Chinese market.
Looking ahead, the company aims to gradually expand its network of branches in other areas of China. Overview of Tokio Marine & Nichido Fire Insurance (China) Co., Ltd. Beijing Branch
| 1. Name : Tokio Marine & Nichido Fire Insurance (China) Co., Ltd. Beijing Branch |
| 2. Location || : Beijing |
| 3. Number of Staff (Expected) || : Approx. 20 |
| 4. Region of business || : All of Beijing |
| 5. Scope of Products |
| : Fire, Liability, Personal accident, Construction, Marine cargo and transit, etc. |
| 6. Expected date of commencement || : May, 2012 |