Bermuda-based reinsurer hopes to be in Switzerland by October
Tokio Millennium Re (TMR) announced today that it plans to redomicile its place of incorporation from Bermuda to Switzerland.
The reinsurer considers Switzerland (Zurich), where it has been operating a branch since 2010, to be the preferred location for optimising its corporate structure while providing greater access to the European reinsurance market and maximising its capital efficiency.
“The global reinsurance industry is evolving rapidly, which presents many new opportunities for our organization,” said Tatsuhiko Hoshina, president and chief executive of TMR. “We intend to continue playing a leading role in the marketplace with a view to further growth and expansion while meeting – and exceeding – our clients’ expectations. This restructuring will provide the platform to do precisely that.”
The move to Switzerland was approved by TMR’s board of directors, but remains subject to relevant regulatory approvals and procedures. Switzerland is targeted to become the company’s domicile in October 2013 and, following the move, the existing Bermuda operation of TMR will operate as one of the largest branches in TMR. Tokio Solution Management will also remain in Bermuda as the group’s strategic subsidiary in the collateralised reinsurance market.
To further its geographic diversification, the organisation also plans to establish an operation in the US in the second quarter of 2014.
“Even though TMR is redomesticating to Switzerland, we are committed to maintaining our presence in Bermuda where we have operated since inception,” added Hoshina. “We are proud of the investment we’ve made in the community of Bermuda over the years and intend to continue doing so.”