Tokio Marine snaps up Australian underwriting agency from IAG

Tokio Marine Management (Australasia) (TMMA), a wholly-owned subsidiary of Tokio Marine & Nichido Fire Insurance, has acquired Accident and Health International Underwriting (AHI), a specialist accident, medical and corporate travel underwriting agency.

AHI previously operated under the ownership of Insurance Australia Group (IAG).

The acquisition is a part of Tokio Marine Group’s efforts to further expand its operations in the Oceania region, and TMMA’s strategy to grow selected specialty lines of business in the region.

“We are pleased to welcome AHI to the Tokio Marine Group. With AHI’s expertise underwriting accident, medical and corporate travel products and Tokio Marine’s financial strength and global reach, this acquisition presents attractive opportunities for the group to grow and expand these lines of business across the Oceania region and beyond,” said Shigekazu (Sean) Ueno, chief executive officer of TMMA.

Danny Byrnes, chief executive officer of AHI, said: “AHI is looking forward to continuing our evolution with the support of the Tokio Marine Group. We’re excited about the renewed focus that will come from Tokio Marine’s growth strategy and experience managing niche agencies. Our customers and broker network will benefit from Tokio Marine’s experience in travel and personal accident insurance, while knowing that they’re still working with a trusted, long-term partner, a highly respected brand, and the market leading propositions offered by AHI.”

Brad Robson, executive manager broker and agency at IAG, added: “While IAG has enjoyed a rewarding partnership with AHI, we recognised there is an opportunity for AHI to expand beyond IAG’s focus of Australia and New Zealand and that Tokio Marine is a more natural owner of AHI to support its growth ambitions. We wish AHI all the best in its future strategy under Tokio Marine ownership.”

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