Tokio Marine Group, the parent of Tokio Marine Kiln (TMK) and Tokio Marine HCC International, has received approval from the High Court of England and Wales to complete the Part VII process of transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary, Tokio Marine Europe S.A. (TME).
The previously-announced move is part of Tokio Marine Group’s preparations for the potential impact of the UK’s exit from the European Union.
The main aim of the business transfer is to ensure the process runs smoothly for brokers and clients, maintaining ‘business as usual’, contract certainty and coverage continuity.
Theresa May’s final EU withdrawal agreement has drawn a mixed reaction from players in the broking and insurance sectors, with the matter of equivalence continuing to stir uncertainty and perpetuate passporting concerns for intermediaries.
“Gaining approval from the High Court is a major step in securing our Brexit plans,” said Thibaud Hervy, Chief Executive Officer of TME.
“Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service.”
Barry Cook, CEO of Tokio Marine HCC International and Charles Franks, CEO of Tokio Marine Kiln, added: “At the forefront of our thoughts through all of this hard work has been the need to maintain high customer service for all policyholders and brokers.
“Succeeding with the Part VII transfer marks a major milestone for all involved.”
