Tokio Marine launches new property business
The uncertain economic environment globally is making corporate clients set greater store by insurers that can offer financial strength and stability. In particular, buyers are seeking insurers with a strong balance sheet and a good rating.
That is the view of Alastair Blundell, executive operations officer at Tokio Marine Europe Insurance (TMEI), the new London-based property business of Tokio Marine Global (TMG), who says the new unit he heads up to target the EMEA region has been formed in part on the back of this demand.
“We have a global presence and a reputation for risk engineering service within that sector, so it seemed like a natural territory for us to expand into,” he says.
In such a tough economic environment, there has been a renewed interest in the financial strength of insurers, especially when several have been downgraded. TMEI’s is rated AA- by Standard & Poor’s.
Blundell said risk managers are also increasingly looking to diversify their placements, a strategy that works well for TMEI.
“We represent Asian capital, which is an important counterbalance to US and European based capital,” said Blundell. “Clients in this sector are looking for a long term partner, who is not in and out of the market, but who takes a long term perspective,” added Blundell, who points out that parent company TMG is the oldest insurer in Japan.
TMEI will also complement TMG’s existing operation at Kiln, which provides clients with coverage through its Lloyd’s Syndicate. While the initiative will start in the UK, during the course of 2013, plans will be rolled out to deliver the TMG product offering via TMEI’s offices in France, Spain and Germany.
