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As a result of Brexit, we have made changes to the way our organisation is structured.
Syndicate business (excluding TMK's Life Syndicate 308)
For our Lloyd’s syndicate business we use the Lloyd’s subsidiary set up in Brussels to handle our European risks.
Lloyd’s Part VII Transfer
On the 30 December 2020, EEA risks previously underwritten by TMK on a direct basis, and German reinsurance risks, between the years of 1993 until 2018, transferred to Lloyd’s Insurance Company S.A in Belgium (Lloyd’s Europe) as part of a Part VII transfer. The transfer did not change any terms and conditions of any policy, except that Lloyd’s Europe became the insurer in respect of the transferred policies and TMK became the reinsurer. The transfer excluded business underwritten by TMK's Life Syndicate 308.
Further information about the transfer, which policies transferred and your rights can be found here.
TMK’s Life Syndicate 308 ceased trading at the end of 2017 and as such writes no new business. Business accepted prior to the end of 2017 is subject to an orderly run-off. We will honour obligations to our clients, providing coverage through to term. The European business of Life Syndicate 308 did not transfer to Lloyd’s Europe. The Syndicate is using a number of run-off regimes for UK based insurers established by European states as available to Lloyd’s of London.
The Luxembourg regulator (the Commissariat aux Assurances or CAA) granted regulatory approval for Tokio Marine Europe S.A. (TME) in 2018. This new entity manages our Tokio Marine Kiln Insurance Limited (TMKI) European corporate business which were transferred via a Part VII transfer process effective 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.
You can find all the relevant legal documents relating to TME and the Part VII transfer business process, labelled in a range of local languages.
Independent Expert’s report (English only)
Furthermore, as announced in July 2019, TMKI has been placed into run-off with effect from 1 Jan 2020. The UK Regional Business (Non-J business) has been non-renewed from 1 Jul 2019 and the UK Japanese Business (J-business), has been renewed on TMHCC International Insurance plc (TMHCCI) paper from 1 Jan 2020. Any EEA risks written in the UK previously are managed appropriately in accordance with the respective run-off regimes in Europe from 1 Jan 2021.
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