15 May 2013 News

Tokio Millennium Re switches to Switzerland

Tokio Millennium Re (TMR) plans to move its place of incorporation from Bermuda to Switzerland.

The company said the plan to ‘redomesticate’ its operations was made with growth and the continued globalisation of Tokio Marine Group in mind. Some observers have suggested Obama’s tax reforms that could hit Bermuda-based reinsurers could have influenced the decision.

The business has also said it plans to establish an operation in the US in the second quarter of 2014 in a move that would further enhance its global reach.

The business has had a branch in Zurich since 2010. It said the company considers Switzerland to be an excellent location for optimising its corporate structure while providing greater access to the European reinsurance market and maximizing its capital efficiency.

“The global reinsurance industry is evolving rapidly, which presents many new opportunities for our organization,” said Tatsuhiko Hoshina, president and CEO of TMR.

“We intend to continue playing a leading role in the marketplace with a view to further growth and expansion while meeting – and exceeding – our clients’ expectations. This restructuring will provide the platform to do precisely that.”

The redomestication to Switzerland remains subject to relevant regulatory approvals and procedures. It aims for Switzerland to become the company’s domicile in October 2013. Following the move, its existing Bermuda operation will operate as one of Tokio Millennium Re’s largest branches.

Tokio Solution Management will also remain in Bermuda as the group’s strategic subsidiary in the collateralised reinsurance market.

“Even though TMR is redomesticating to Switzerland, we are committed to maintaining our presence in Bermuda where we have operated since inception,” said Hoshina. “We are very proud of the investment we’ve made in the community of Bermuda over the years and intend to continue doing so.”

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