Lloyd’s gives ‘in principle’ approval to Barbican sponsored Toa Re SPA
Japan-based Toa Reinsurance Company (Toa Re) and Barbican Insurance Group said on Oct. 27 that they have received ‘in principle’ approval from the Lloyd’s Franchise Board to establish Toa Re Special Purpose Arrangement (SPA 6132) to be backed exclusively by Toa Re.
Toa Re was established in 1940. Based in Tokyo, Japan, the company offers life and non-life reinsurance products.
Subject to formal approval, SPA 6132 will commence underwriting on Jan.1, 2018. It will be managed by Barbican Managing Agency Limited (BMAL) with an initial capacity of £31.4 million. The SPA will support the expansion of Toa Re’s international portfolio of business, serve to introduce new business into the London Market and also expand Lloyd’s reach into the Japanese market.
Tomoatsu Noguchi, CEO of Toa Re, said: “Establishing a strong platform within the Lloyd’s market is a key strategic step in our ongoing efforts to grow and diversify our international portfolio. Sponsored by Barbican with a successful track record in this area, we are confident that through SPA 6132 we will build a long-term, secure presence in the London Market.”
David Reeves, Group CEO of Barbican Insurance Group, added: “Barbican is committed to building mutually beneficial relationships with like-minded and forward-thinking corporate partners. We are delighted to be working with Toa Re to support their ambitions, while also looking to expand our footprint in Asia where we see significant opportunities to develop strategic business relationships and gain more in-depth market knowledge.”
Toa Re is the sole domestic professional reinsurer in Japan providing both life and non-life coverages, according to the statement. Over the last 77 years, the company has established a leading market position and secured a highly diversified, well-balanced and stable portfolio of business. Toa Re operates subsidiaries in New Jersey (US) and Zürich (Switzerland).
Driven by increasing demand for reinsurance products in Asian countries Toa Re has expanded its operations in those regions and established branch offices in Singapore, Kuala Lumpur and Hong Kong.
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