5th July, 2010 London
Tokio Marine, the global insurance group, today announces plans to expand its international reinsurance and large commercial property operations. It is also announcing the opening of new offices for reinsurance business in Switzerland and Australia.
These developments are part of an ongoing strategy by Tokio Marine to increase its international presence and capital efficiency.
Mr Shin-Ichiro Okada, Senior Managing Director of Tokio Marine Holdings,Inc. said, “This expansion of our international operations is firmly in line with our established strategy; we are working towards profitable international growth on all fronts." “With the newly reorganised international reinsurance and commercial property arms of our international business in place, we will be better positioned than ever to offer our brokers and clients easy access to a full range of products that are consistent around the world, backed by our Standard & Poor’s AA rated security.” Highlights
Unifying global reinsurance brand as Tokio Millennium Re (TMR)
Opening new TMR branches in Switzerland and Australia
Establishing a Tokio Marine Global (TMG) business unit offering Large Commercial Property products operating in London and in New York
New worldwide reinsurance strategy (TMR)
Tokio Marine is bringing together its international reinsurance operations under the existing Tokio Millennium Re (TMR) brand. Headed by Tatsuhiko Hoshina, TMR will harmonise its successful Bermuda and London operations through rebranding the current Tokio Marine Global Ltd. as Tokio Millennium Re (UK) Limited.
As part of ongoing plans to diversify its geographical spread, to capitalise on fast-growth regions outside Japan, and to enhance capital efficiency, TMR is also announcing plans to open new branches in Switzerland and Australia for the first time.
In line with the emergence of new reinsurance hubs in Europe, Asia and Oceania, TMR is following the same strategy by establishing offices in Zurich and Sydney, handling treaty reinsurance. New large commercial property strategy (TMG)
In order to facilitate Tokio Marine’s growth strategy in the large commercial property insurance market, it is establishing a TMG business unit, which will write large commercial property business in New York and London, to be headed by Philip Wray.
In London, the TMG business unit will be a division of Lloyd’s Tokio Marine Kiln Syndicate 1880 (managed by R J Kiln), which will write large commercial property and engineering business currently handled by Tokio Marine Global Ltd.
In New York, TMG business unit will be a division of Tokio Marine Management, Inc., the U.S. manager of Tokio Marine & Nichido Fire Insurance Co., Ltd. (US Branch), which will write large commercial property business.
These developments are a key part of Tokio Marine’s ongoing strategy of profitable international expansion. The new structure will make it easier for international brokers and customers to deal with TMR and TMG. The new streamlined TMG and TMR organisations will offer consistent service across a range of markets around the world.
All changes will take effect for business incepting on 1 January 2011.