Tokio Marine Global (TMG) has announced that it is to join the International Underwriting Association (IUA), making it the second company to become a member of the London Market body in recent weeks.
CEO Hirotoshi Murakami said, “There is now an enormous amount of work going on to support the growth and modernisation of the London Market and the IUA is at the heart of this effort.”
Adrian Ballardie, CUO, said: “We are eager to establish Tokio Marine Global as a significant presence in the London Market, and value the work that the IUA can give to the market in promoting its interests abroad.”
TMG was established in November 2004 as strategic vehicle for writing global commercial business in London by Tokio Marine & Nichido Fire Insurance Company, Japan's oldest and largest non-life insurance company. It began writing business this year with capital of £125m focussing on direct and facultative short tail non-casualty business. The company is also writing engineering risks and treaty business.
Dave Matcham, Chief Executive of the IUA, commented: “The establishment of Tokio Marine Global last year demonstrated a clear international commitment to the London market and I am pleased now welcome the company and its staff into the IUA community.
“The IUA has now welcomed two new members in as many months. This will strengthen the association immeasurably and give the London company market an even more powerful, unified voice.”
At the end of May, Arch Insurance Company (Europe) joined the IUA after the association launched a new business plan focussed on streamlining London market business processes, helping companies meet compliance rules and technical support for underwriting and claims practitioners.
The IUA currently has 42 Ordinary members plus a further 42 Associate and Affiliate members. IUA companies represent an active international insurance and reinsurance market with an estimated gross premium income through London of around £13bn in 2004.
