3rd Party Capital Specialist Tokio Solution Simplifies Management Structure

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A division of Tokio Millennium Re focused on third party capital markets facilitation is changing its management structure in a bid to boost efficiency.

The changes are coming to Tokio Solution Management Ltd., the reinsurer’s third party capital (TPC) markets facilitation arm, following a strategic review.

“We conducted a strategic review of Tokio Solution aimed at operational efficiency to provide the best possible service to our TPC partners in a way that simplifies the organizational structure supporting our TPC strategy, while simultaneously leveraging the resources of TMR and its Capital Solutions unit,” said Kathleen Faries, member of the Tokio Solution board of directors and head of Bermuda for TMR’s Bermuda branch.

As a result of the restructuring, the co-CEO role at Tokio Solution is gone. Susan Lane, who held that slot for about two years, has now left the company, according to the announcement.

Tsuyoshi (Harry) Harigai has become the sole chief executive officer. Harigai joined the Tokio Marine Group in 1995 and has more than 20 years’ experience in the insurance and reinsurance field. He was appointed head of operations for Tokio Millennium Re AG, Bermuda branch, and a member of the board of Tokio Solution in July 2013.

Butch Agnew, will remain vice president, ILS Portfolio Management and Dave Courcy will remain vice president, Structuring and Finance.

Tokio Millennium Re said that after the creation of its Capital Solutions unit in 2015, and further “operational enhancements” at the company, it decided that a more simplified management structure would allow for greater focus on “account management and technical portfolio support for TPC partners, with TMR’s Capital Solutions unit serving as the driver of convergence-related product development and innovation.”

Tokio Millennium Re is a subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd.

Source: Tokio Millennium Re

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