Japanese reinsurer, Toa Reinsurance Company, and Barbican Insurance Group have received ‘in principle’ approval from the Lloyd’s of London Franchise Board to launch Toa Re Special Purpose Arrangement (SPA 6132), which will be backed by Toa Re.
After final approval has been received, the new SPA will begin underwriting on January 1st, 2018, with an initial capacity of £31.4 million, and will be managed by Barbican Managing Agency Limited.
The launch of SPA 6132 supports the expansion of Toa Re’s global portfolio of business, and will help to introduce new business into the London re/insurance market, while enabling Lloyd’s to expand its presence in Japan.
President and Chief Executive Officer (CEO) of Toa Re, Tomoatsu Noguchi, said; “Establishing a strong platform within the Lloyd’s market is a key strategic step in our ongoing efforts to grow and diversify our international portfolio. Sponsored by Barbican with a successful track record in this area, we are confident that through SPA 6132 we will build a long-term, secure presence in the London Market.”
CEO of Barbican Insurance Group, David Reeves, added; “Barbican is committed to building mutually beneficial relationships with like-minded and forward-thinking corporate partners. We are delighted to be working with Toa Re to support their ambitions, while also looking to expand our footprint in Asia where we see significant opportunities to develop strategic business relationships and gain more in-depth market knowledge.”