It’s been announced that Tokio Marine Kiln Insurance (TMKI), the UK insurance operation of Tokio Marine Kiln, as well as portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, will be placed into run-off.
Effective July 1st, 2019 TMKI will stop accepting new business, with the exception of Japanese accounts which are unaffected until January 1st, 2020 when they will be underwritten by Tokio Marine HCC (TMHCC), TMK’s sister company.
The move comes has TMK looks to shift its focus to Lloyd’s of London business, with the firm noting that TMK remains the largest of Tokio Marine Group’s Lloyd’s businesses. TMK is to focus on developing its international specialist P&C, reinsurance, marine, aviation and special risks and A&H, contingency and Europe portfolios via Syndicates 510, 557, and 1880.
Furthermore, the company explains that TMHCC will continue to develop its specialty business through TMHCCI, Tokio Marine Europe, and Lloyd’s Syndicate 4141, adding that its lines of business are not impacted by this reorganisation.
“This reorganisation enables TMK to play to its strengths, ensuring increased focus and investment on our Lloyd’s business which has been operating since 1962. We will continue to pursue our strategy to grow our specialist classes profitably and efficiently, with the financial and global strength of Tokio Marine.
“We are committed to supporting our customers, brokers and employees through this change,” said Charles Franks, Chief Executive Officer (CEO) of Tokio Marine Kiln.