Tokio Marine Kiln’s Hong Kong underwriting business goes into run-off
The Hong Kong office of Tokio Marine Kiln (TMK) is to close, and its business put into run-off.
The London-based re/insurance firm said it was reorganising its Asian operations, based primarily in Singapore with supporting offices in Hong Kong and Shanghai.
TMK said its decision was a result of assessing market conditions for its engineering, marine cargo and marine liability lines written out of Hong Kong.
The specialty re/insurer said the “ongoing, challenging” market had made the cost of maintaining the Hong Kong office “unsustainable”.
“Our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time,” said Charles Franks, TMK’s group CEO.
“We remain however, firmly committed to our Asian strategy and our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies; focusing on accident and health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance and property treaty reinsurance business throughout Asia,” he said.
“We also appreciate the dedication of our Singapore and Shanghai teams as they continue to support our ambitions in the region. They will help to manage the runoff of the Hong Kong business in a professional and organised way,” Franks added.