The Toa Reinsurance Co. and Barbican Insurance Group announced they have received “in principle” approval from the Lloyd’s Franchise Board to establish Toa Re Special Purpose Arrangement (SPA 6132) to be backed exclusively by Toa Re.
Subject to formal approval, SPA 6132 will begin underwriting on Jan. 1, 2018. It will be managed by Barbican Managing Agency Ltd. (BMAL), with an initial capacity of £31.4 million ($41.5 million).
The SPA will support the expansion of Toa Re’s international portfolio of business, serve to introduce new business into the London market and expand Lloyd’s reach into the Japanese market, the company said in a statement.
“Establishing a strong platform within the Lloyd’s market is a key strategic step in our ongoing efforts to grow and diversify our international portfolio,” said Tomoatsu Noguchi, president and chief executive of Toa Re, which is the sole domestic professional reinsurer in Japan that provides both life and non-life coverages.
“Sponsored by Barbican with a successful track record in this area, we are confident that through SPA 6132 we will build a long-term, secure presence in the London market,” he added.
David Reeves, group CEO of Barbican Insurance Group, added: “Barbican is committed to building mutually beneficial relationships with like-minded and forward-thinking corporate partners. We are delighted to be working with Toa Re to support their ambitions, while also looking to expand our footprint in Asia where we see significant opportunities to develop strategic business relationships and gain more in-depth market knowledge.”
Source: Toa Re/Barbican Management Agency
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