Tokio Marine Group has received regulatory approval to establish a new re/insurance subsidiary, Tokio Marine Europe S.A., in Luxembourg as part of its plans to ensure a smooth transition following the UK’s departure from the European Union (EU).
The new company, which has been authorised by the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA), will operate as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln.
Expected to be operationally ready in the second half of 2018, the new European subsidiary will ensure that Tokio Marine Group can continue to seamlessly service its clients in the European Economic Area (EEA) regardless of the outcome of current Brexit negotiations.
Thibaud Hervy, who is currently Chief Underwriting Officer (CUO) for specialty lines at Tokio Marine HCC, has been appointed as Chief Executive Officer (CEO) of the new company.
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.”
Tokio Marine Europe S.A. was assigned an ‘AA- (Very Strong)’ financial strength rating by S&P Global Ratings, and was given a positive outlook.
