Tokio Millennium Re, the reinsurance unit of Tokio Marine & Nichido Fire Insurance, has established a US branch as part of its strategy of growth and diversification.
The branch will focus primarily on non-catastrophe risks to further expand the company’s stated strategy of diversifying its risk exposure.
The announcement came after the reinsurer obtained a licence from the New York State Department of Financial Services.
It also established a management company for the US branch operations, TMR Management, which is located in Stamford, Connecticut.
Tatsuhiko Hoshina, Tokio Millennium Re’s chief executive officer (CEO), said: “We are excited about the establishment of our US branch which is an integral part of our strategic business plan. The US branch aims to have our "feet on the ground" to broaden access to our US cedants and brokers and will position us well for the future growth in the US reinsurance market.”
Hoshina will head the US branch while also maintaining a presence in Bermuda as group CEO.
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Tokio Millennium Re, North America, Tatsuhiko Hoshina, Tokio Marine & Nichido Fire Insurance