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Tokio Marine Group announced that it has received approval from the High Court of England and Wales to complete the Part VII process of transferring the existing portfolio of policies written out of Continental European operations to its newly established insurance company subsidiary, Tokio Marine Europe S.A. (TME), in preparation for the UK’s exit from the European Union (EU).
TME, with financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, will be based in Luxembourg with various offices and branches in the countries where it is most active across the EU. TME will market its products under the “Tokio Marine HCC” brand.
Both Tokio Marine HCC and Tokio Marine Kiln have been working in partnership to set up TME. The main aim of the business transfer is to ensure the process runs smoothly for brokers and clients, maintaining ‘business as usual’, contract certainty and coverage continuity. Thibaud Hervy, Chief Executive Officer of TME, commented: “Gaining approval from the High Court is a major step in securing our Brexit plans. Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service.”
Barry Cook, Chief Executive Officer of Tokio Marine HCC International and Charles Franks, Chief Executive Officer of Tokio Marine Kiln, commented: “At the forefront of our thoughts through all of this hard work has been the need to maintain high customer service for all policyholders and brokers. Succeeding with the Part VII transfer marks a major milestone for all involved.”