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8 May 2018: 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."
About Tokio Marine HCC
Tokio Marine HCC (TMHCC) is a leading specialty insurance group transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance. Headquartered in Houston, Texas, the company is comprised of highly entrepreneurial teams equipped to underwrite special situations, companies and individuals, acting independently to deliver effective solutions. TMHCC’s products and capabilities set the standard for the industry, as many of its 2,700 employees are industry-leading experts. The company’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings. TMHCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $34 billion as of December 31, 2017.
For further information, please visit www.tmhcc.com.
About Tokio Marine Kiln
Tokio Marine Kiln (TMK) is a forward thinking international underwriting business which operates in the Lloyd’s and Company markets. The company has been founded on empowered expertise and the strength of its relationships. As part of one of the world’s largest insurance groups, Tokio Marine, TMK empowers its people in 20 cities around the world to protect customers against complex and ever changing risks. The company has four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident & Health; and Reinsurance, which are complemented by a first class claims team and an expert risk engineering service. TMK benefits from financial strength ratings of “A+ (Strong)” from S&P Global Ratings attributed to its Company platform and its four managed syndicates at Lloyd’s.
For further information, please visit www.tokiomarinekiln.com.
Tokio Marine HCC
Hannah Powell, Marketing and Communications Officer
+44 (0)20 7680 2946
Tokio Marine Kiln
+44 (0)20 7562 4444
+44 (0)20 7562 4444
Colette La Pointe
+44 (0)20 7562 4444