Tokio Marine Kiln is to reorganise its Asian operations following the immediate closure of its Hong Kong office.
Operations in the region are based primarily in Singapore with the Hong Kong office providing a supporting role alongside Shanghai.
TMK will be making arrangements over the next six months for the orderly runoff of the business.
This decision has been made amid a persistently challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong, which have made the cost of maintaining the office unsustainable.
“Our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time,” said Charles Franks, Group Chief Executive Officer.
“We remain however, firmly committed to our Asian strategy and our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies; focusing on accident & health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance and property treaty reinsurance business throughout Asia.”
“We also appreciate the dedication of our Singapore and Shanghai teams as they continue to support our ambitions in the region,” added Franks.
“They will help to manage the runoff of the Hong Kong business in a professional and organised way.”
