Tokio Marine Kiln (TMK) announced a reorganization of its Asian operations based primarily in Singapore with supporting offices in Hong Kong and Shanghai. TMK will be closing its Hong Kong office with immediate effect and making arrangements over the next six months for the orderly runoff of the business.
This decision was made after re-assessing the ongoing, challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong, which “have made the cost of maintaining the office unsustainable,” said TMK in a statement.
“Our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time,” said Charles Franks, group CEO.
“We remain however, firmly committed to our Asian strategy and our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies – focusing on accident & health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance and property treaty reinsurance business throughout Asia,” he continued.
Franks said the Singapore and Shanghai teams will help to manage the runoff of the Hong Kong business.
Source: Tokio Marine Kiln
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