Tokio Millennium Re premiums hike

The reinsurance subsidiary of Tokio Marine, Tokio Millennium Re, posted solid results for the first nine months of 2014 despite a fall in profits.

The reinsurer wrote $1.1 billion in reinsurance premiums assumed in the first nine months of 2014, an increase of 35 percent compared with $788.8 million in the first nine months of 2013.

Its revenues hit $631.3 million in the first nine months, compared with $519.3 million in the same period of the prior year.

However, its profits fell to $80 million for the period, compared with $99.4 million in the first nine months of 2013. Income from catastrophe bonds also fell to $1.4 million in the first nine months of 2014, compared with $2.7 million in the same period of the prior year.