Millea Holdings, Inc. announced that it plans to establish a life and annuity reinsurance subsidiary on the Isle of Man by the end of this month. “Tokio Marine Bluebell Re Limited,” will be set up jointly with financial giant JPMorgan Chase.
The establishment of the reinsurer is subject to the approval by the relevant authorities.
“Tokio Marine Bluebell Re Limited provides reinsurance coverage for guaranteed payments of death benefits and annuities in connection with variable annuity insurance offered by the Company’s subsidiary, Tokio Marine & Nichido Financial Life Co., Ltd.,” said the bulletin.
“Tokio Marine Bluebell Re Limited will be established in order to control the risks associated with the guaranteed payment obligations of Tokio Marine & Nichido Financial Life Co., Ltd. by utilizing derivatives-based strategies through the integration of advanced financial technologies of JPMorgan Chase and the insurance risk control expertise possessed by the Company. This enables Tokio Marine & Nichido Financial Life Co., Ltd. to enhance its ability to offer variable annuity insurance to its customers.
“Additionally, Tokio Marine Bluebell Re Limited intends in the future to offer reinsurance covering underlying variable annuity insurance underwritten by insurance companies outside of the Millea group.”
Topics Reinsurance
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