Tokio Millennium Re gets green light for UK branch
Tokio Millennium Re (TMR), the reinsurance subsidiary Tokio Marine & Nichido Fire Insurance, has been given the green light to operate a branch office in the UK.
The reinsurer said that following approval from the UK Prudential Regulation Authority (PRA), it will now begin writing business from July 1 from its London office on Fenchurch Street.
Business to be written includes the new and renewal business formerly written by TMR’s affiliate, Tokio Millennium Re (UK), which as of July will no longer accept any new business. It will begin the transition of existing treaty reinsurance business to the new branch.
The branch will offer the same short and long tail reinsurance solutions to clients in the UK, Republic of Ireland, Africa, Middle East, Asia and Latin America, as well as specialty treaty reinsurance to clients around the world previously written by Tokio Millennium Re (UK).
Takayuki Sumi, chief executive officer (CEO) of Tokio Millennium Re (UK), will assume the role of head of the UK branch and Tom Jackson, chief underwriting officer of Tokio Millennium Re (UK), will become head of underwriting of the UK branch.
“We are delighted to have received authorisation from the PRA for the UK branch of TMR,” said CEO of TMR, Stephan Ruoff. “This change to write reinsurance business as a branch of TMR rather than as an affiliate provides the clients of our London operation with the stronger security and resources of a global reinsurer available across the TMR group, while helping the company with capital, operational and management efficiencies.”
Sumi added: “The establishment of the branch will give TMR even stronger branding. Being a branch of TMR as opposed to being an affiliate will also broaden both the products and the capacity we are able to offer to our clients and brokers.”
