Today, Tokio Marine Group announced that it has received regulatory approval from the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA) to set up a new insurance company, Tokio Marine Europe S.A.
The well-capitalised insurance company will operate as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln. Thibaud Hervy, chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed as the chief executive officer of the company.
Tokio Marine Europe S.A. will ensure that, regardless of the outcome of current Brexit negotiations, Tokio Marine Group will be able to continue servicing its clients in the European Economic Area (EEA) and offer them stability through a seamless transition. The new insurance company is expected to be operationally ready in the second half of 2018.
On 7 May 2018, S&P Global Ratings assigned its “AA- (Very Strong)” financial strength rating to Tokio Marine Europe S.A. with a positive outlook.
Barry Cook, CEO of Tokio Marine HCC International said: “It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this.”
Charles Franks, CEO of Tokio Marine Kiln added: “Tokio Marine Europe S.A. will provide a long-term solution to the uncertain developments around Brexit, and the company will provide all brokers and coverholders with continued security and high service levels going forward.”
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