Tokio Millennium Re AG (TMR), the Zurich-based global reinsurer and subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd., announced that it has received authorization from the UK Prudential Regulation Authority (PRA) to operate a branch office in the UK.
The bulletin said the new office (TMRUK or UK Branch) would start writing business from the first of July from its London office on Fenchurch Street as a branch of TMR. “The business to be written by TMRUK will include the new and renewal business formerly written by TMR’s affiliate, Tokio Millennium Re (UK) Ltd.,” which as of the first of July “will no longer accept any new business and will begin the transition of existing treaty reinsurance business to TMRUK subject to any court and regulatory approvals.
“The new and renewal business of Tokio Millennium Re (UK) Ltd. to be written by the UK Branch will benefit clients through access to the larger capital base of TMR, which is rated AA- (Very Strong) by Standard & Poor’s and A++ (Superior) by A.M. Best.
“TMRUK will continue to 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) Ltd.
“Takayuki (Taka) Sumi, CEO of Tokio Millennium Re (UK) Ltd., will assume the role of Head of the UK Branch and Tom Jackson, Chief Underwriting Officer of Tokio Millennium Re (UK) Ltd., will become Head of Underwriting of the UK Branch.”
TMR CEO Stephan Ruoff commented: “We are delighted to have received authorization from the PRA for the UK branch of TMR. 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.”
He also indicated that the establishment of the branch “will give TMR even stronger branding,” as it will be a branch of TMR “as opposed to being an affiliate.” It will also “broaden both the products and the capacity we are able to offer to our clients and brokers.”
Source: Tokio Millennium Re
Was this article valuable?
Here are more articles you may enjoy.