Tokio Marine secures approval for Brexit plan
Tokio Marine Group is transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary Tokio Marine Europe (TME) in Luxembourg in preparation for Brexit.
The group has received approval from the High Court of England and Wales to complete its Part VII transfer process.
“Gaining approval from the High Court is a major step in securing our Brexit plans," said Thibaud Hervy, chief executive officer of TME. "Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service.”
In May 2018, the company announced its plan to set up Tokio Marine Europe in Luxembourg for writing European business after the UK’s exit from the European Union (EU). Since then, both Tokio Marine and Tokio Marine Kiln have been working in partnership to set up TME.
Barry Cook, CEO of Tokio Marine HCC International and Charles Franks, CEO of Tokio Marine Kiln, commented: “At the forefront of our thoughts through all of this hard work has been the need to maintain high customer service for all policyholders and brokers. Succeeding with the Part VII transfer marks a major milestone for all involved.”
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