Tokio Marine places UK business into run-off as it shifts focus to Lloyd's

Specialty insurance group Tokio Marine has placed its UK insurance business, Tokio Marine Kiln Insurance (TMKI), into run-off as part of its  strategy to enhance focus on its Lloyd's entities, and improve overall growth and efficiency by streamlining operations.

TMKI will stop accepting business from 1 July 2019, apart from Japanese accounts which will be unaffected until 1 January 2020 when they will be underwritten by TMK’s sister company Tokio Marine HCC (TMHCC).

TMHCC said it will continue to build and enhance its specialty business through TMHCCI, Tokio Marine Europe and Lloyd’s syndicate 4141, and that its lines of business will remain unaffected by this reorganisation.

The company noted that it will ensure an orderly run-off and that all policies and valid claims are properly serviced.

The decision underpins Tokio Marine Group’s strategy to develop and enhance its specialist businesses in the UK and Europe, profitably and efficiently. It will also enable the company to focus on developing its portfolios through its three Lloyd’s syndicates 510, 557 and 1880.

Charles Franks, CEO of Tokio Marine Kiln, said: “This reorganisation enables TMK to play to its strengths, ensuring increased focus and investment on our Lloyd’s business which has been operating since 1962.

"We will continue to pursue our strategy to grow our specialist classes profitably and efficiently, with the financial and global strength of Tokio Marine. We are committed to supporting our customers, brokers and employees through this change.”