Swiss Re announced that it has received a branch license from Japan’s Financial Services Agency, giving it permission to provide its reinsurance services locally, both in Property & Casualty and in Life & Health.
“In accordance with Japanese regulations, Swiss Re has received a non-life insurance branch license but will confine its activities to reinsurance only. Swiss Re is the first of the leading global reinsurers to run a fully licensed branch in Japan,” said the announcement.
“We are delighted to receive approval for our branch license in Japan which will strengthen our ability to service our portfolio of valued clients in Japan,” stated Swiss Re CEO, John Coomber.
Swiss Re said its “relationship with the Japanese insurance market dates back to 1913. Currently, the company operates a Service Company in Japan, which was established in 1999 to provide a service interface between local clients and the company’s global expertise. Prior to that, the company ran a representative office in Japan since 1972.”
The new branch will be managed by Akinori Kaneko, currently President & Representative Director of Swiss Re Services Co., Ltd. he expects the branch in Tokyo to be operational by April 2004. It will employ a full complement of underwriters, actuaries and further experts, who will work closely with clients in Japan.
Swiss Re also noted that it “already has a securities license in Japan, for its financial services and equities research operations, Swiss Re Capital Markets (Japan) Corporation, Tokyo Branch.”
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