Firm will set up new reinsurance and insurance divisions
Global insurance group Tokio Marine is planning to expand and restructure its international reinsurance and large commercial property insurance operations. As part of the plan, the company will open new reinsurance offices in Switzerland and Australia. The planned changes will take effect for business incepting on January 1 2011.
The firm said the developments are part of its continuing strategy to boost its international presence and capital efficiency.
Tokio Marine plans to bring together its international reinsurance operations under the existing Tokio Millennium Re (TMR) brand. The TMR division is headed by Tatsuhiko Hoshina. As part of the change, Tokio Marine Global Ltd. will be rebranded Tokio Millennium Re (UK) Limited.
The firm will also establish a new large commercial property insurance division, TMG, which will write business in New York and London and be headed by Philip Wray, active underwriter of Tokio Marine Kiln Syndicate 1880.
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 US manager of Tokio Marine & Nichido Fire Insurance Co., Ltd. (US Branch).
“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,” said Shin-Ichiro Okada, senior managing director of Tokio Marine Holdings, in a statement.