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To ensure continuity of access across the European Economic Area (EEA) we will maintain two platforms as we do currently, in line with our intention to continue writing business classes that are currently offered by TMK in Europe.
The Luxembourg regulator (the Commissariat aux Assurances or CAA) has now granted regulatory approval for Tokio Marine Europe S.A. This is the new insurance operation we are setting up in partnership with our sister company TMHCC.
This new entity will handle our TMKI European corporate business, enabling us to underwrite business from 1 January 2019. 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.
We expect to have this new insurance company up and running within the last quarter of 2018 so that we can transfer business to it in good time. The new company will have branches across Europe and will be supported by the existing UK and EU group operations of TMK and TMHCC.
For our Lloyd’s syndicate business we are planning to use the Lloyd's subsidiary that is being set up in Brussels to handle our European risks. We are involved in ongoing, detailed discussions with Lloyd’s to ensure our operating models and internal processes are fully aligned in time for putting business through that subsidiary from 1 January 2019. We will continue to transact all non-EEA business as normal.