Tokio Marine Europe Insurance Ltd. (hereinafter “TMEI”), a wholly owned subsidiary of Tokio Marine Group, filed a petition for protection from certain creditors under Chapter15 at the U.S. bankruptcy court in Manhattan on 18th July. The creditors to which the application relates are those included within the Scheme of Arrangement for a part of TMEI’s insurance portfolio. The Scheme of Arrangement is a mechanism to commute insurance liabilities with various creditors on a collective basis in accordance with the U.K. Commercial Act. TMEI intends to commute the (run-off) reinsurance contracts it stopped underwriting in the past.
The purpose of the Chapter15 application is to proceed the Scheme without challenges by the creditors in the U.S.

TMEI is rated AA- by S&P for financial strength. The Scheme of Arrangement has no effect on TMEI’s financial soundness and credibility.

For more information relating please visit www.tokiomarine.eu.