Former Tokio Millennium Re CEO Hoshina joins risk trading insurtech AkinovA's board
AkinovA, an electronic marketplace for the transfer and trading of re/insurance risks, has appointed founder and former CEO of Tokio Millennium Re Tatsuhiko Hoshina to join its advisory board.
Hoshina will assist AkinovA in enhancing its position in the transfer and trade cyber and property catastrophe risks market. The insurtech hopes his experience across the whole reinsurance value chain, across multiple lines of business and geographies, will help develop AkinovA's ecosystem as well as drive growth and participation across the marketplace.
Hoshina established Tokio Millennium Re in 2000 and led it from 2006 to become a $1.2 billion global, multi-line reinsurer with offices in Zurich, Bermuda, Sydney and Stamford (US), alongside a separately capitalised sister company in London.
Prior to Tokio Millennium Re, Hoshina was at Tokio Marine Nichido from April 1986 where he drove its international expansion. He is currently working as an industry consultant in the areas of insurtech, MGA, fronting, ILS market and capital raising.
AkinovA's advisory board now includes 11 members, including the likes of former XL Catlin veteran Paul Jardine; MS&AD Insurance Group's Takeshi Doi; Tokio Marine Group's Daljitt Barn; and Oliver Wyman co-founder Charles Bralver, among others.
“The composition of the AkinovA Advisory Board has been carefully constructed to provide AkinovA with unparalleled insights, guidance and access to different parts of the (re)insurance and capital markets,” AkinovA said in a statement.
Hoshina commented: “AkinovA has achieved much over the last year. I believe that the timing is right for an electronic marketplace: they have the right proposition at a time when capacity providers need more liquidity and frictional costs are scrutinised.”
“This is also at a time when cyber risks offer an unprecedented growth opportunity but need electronic risk transfer to match what is a highly dynamic landscape. This requires the use of cutting edge technology. We are seeing a gradual change in the mindset, prompted by a new generation joining the industry. They have different expectations compared to the older generations and it is a mindset that is very different to that of 20 years ago.”
“AkinovA’s approach to act as a one-stop-shop with integrated chat, document sharing, clearing services, price discovery, market animation analytics and third-party actuarial, data, news and analytics is truly powerful,” he added. “You need to have the right idea at the right time, with the right backing and the right people, which is why AkinovA will succeed.”
Hoshina concluded: “AkinovA will be the platform that will pioneer the way the market transacts reinsurance business in the future.”
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