Tokio Marine gets green light for Europe unit; appoints CEO
The new European subsidiary of specialist insurance group Tokio Marine is expected to begin operation from the second half of 2018 as it received regulatory approvals and appointed a new chief executive officer.
The group has received regulatory approval from the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA) to set up Tokio Marine Europe in Luxembourg for writing European business after Brexit.
Thibaud Hervy, chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed CEO of the new company.
Tokio Marine said the new entity will be a "well-capitalised" insurance company, operating as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln.
The launch of Tokio Marine Europe is aimed to ensure that, regardless of the outcome of current Brexit negotiations, Tokio Marine Group will be able to continue servicing its clients in the European Economic Area (EEA) and offer them stability through a seamless transition.
Barry Cook, CEO of Tokio Marine HCC International said: "It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this."
Charles Franks, CEO of Tokio Marine Kiln added: "Tokio Marine Europe S.A. will provide a long-term solution to the uncertain developments around Brexit, and the company will provide all brokers and coverholders with continued security and high service levels going forward."
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