Firm's new Sydney branch has $80m capital
The Australian Prudential Regulation Authority (APRA) has authorised Tokio Millennium Re's Australian branch to write insurance business in the country.
Tokio Millennuim Re Australia (TMRA) is based in Sydney and has been capitalised with $80m of assets. The branch will produce property and casualty treaty opportunities emanating from Australia and New Zealand for Tokio Millennium in Bermuda to underwrite. All Australian business underwritten by Tkio Millennium will be bound by TMRA in Australia.
“Establishing a branch in Sydney will allow us to work closely with our clients and their brokers. We will gain a better understanding of their needs, the opportunities available to us, and the associated risks involved,” said TMRA managing director Russell Brooke. “Australia and New Zealand, as a region, has recently suffered an unprecedented frequency and severity of losses. We believe that the timing of our approval to do business in Australia will be mutually beneficial.”
Tokio Millennium chief executive Tatsuhiko Hoshina added: "This is the next step in our stated goal of growing our international presence and providing greater capital efficiency for our parent company. I am delighted that we can add Sydney to our list of operations already established in Bermuda, London and Zurich.”