Group aims to have new company incorporated and capitalised within the first half of 2018
Tokio Marine Group has started the process to apply for the regulatory approval to establish an insurance company in Luxembourg.
Through several of its subsidiaries, principally Tokio Marine HCC and Tokio Marine Kiln, the group has been active in the European Economic Area (EEA) for decades. This new insurance company will ensure that regardless of the potential outcome of the current Brexit negotiations, Tokio Marine will be able to continue servicing its clients in the EEA and offer a smooth transition.
Subject to regulatory approval, Tokio Marine is aiming to have the new insurance company incorporated and capitalised within the first half of 2018 to enable Tokio Marine HCC and Tokio Marine Kiln to start writing business. The new company will have branches across Europe, and will be supported by the existing UK and EU group operations.
The company intends to write all business classes that are currently offered by Tokio Marine in Europe.
Barry Cook, chief executive of Tokio Marine HCC International Holding, said: “Luxembourg is at the centre of Europe and hosts some of its most important institutions. The country is focused on supporting the financial service industry and its regulator has an experienced, robust and pragmatic approach. Post-Brexit, Luxembourg is likely to become an important market place for property and casualty insurance in Europe and we are looking forward to contributing to that new development.”