BPL, an independent credit and political risk insurance broker, has opened an office in Japan as part of its broader international development.
The decision reflects increased demand from Japanese financial institutions, trading houses, multinational corporates and investors for specialised credit and political risk insurance solutions.
Interest has been particularly evident among Japanese banks using credit insurance to support regulatory capital efficiency as well as portfolio and risk management.
Located in Tokyo, the office will provide CPRI solutions including non-payment insurance, political risk cover and structured portfolio transactions. It will draw on BPL’s experience across its existing operations in London, Paris, New York, Singapore, Hong Kong and Geneva.
The firm is currently applying for registration as an insurance broker with Japan’s regulatory authority and expects the process to be completed later this year.
The office will be led by Kenichi “Ken” Iwakura, formerly of MUFG Bank. Iwakura previously held senior roles within the Corporate & Investment Banking division, with responsibilities spanning structured finance and corporate banking teams in Tokyo, Hong Kong, Singapore and London.
He has more than 25 years of experience working with financial institutions and corporates in Japan, including the origination of cross-border specialised lending such as non-recourse cash-flow financing and asset-based financing.
James Reynolds, Group Chief Executive Officer, BPL, said: “The opening of our Japan office is a signal of intent – we mean to be proactive in enhancing our service for our clients in Japan and APAC, while using the firepower from our recent minority investment from Preservation Capital Partners for considered but confident growth.”
Iwakura added: “I am excited to join the BPL team and lead the group’s efforts to enter the Japanese credit and political risk insurance market, at a time of growing demand. I look forward to working with some of BPL’s largest financial institutions, delivering value and solutions tailored for Japan.”
