Tokio Marine Group to set up a subsidiary in Luxembourg for writing European business
Through several of its subsidiaries, Tokio Marine Group has been active in the European Economic Area for decades, offering services and insurance solutions to its international clients.
"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", as the Japanese insurer announced in a statement.
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 including with Japanese customers.
The new company will have branches across Europe, and will be supported by the existing UK and EU group operations.
"Luxembourg is at the centre of Europe and hosts some of its most important institutions. The country is focussed 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", said Barry Cook, CEO of Tokio Marine HCC International Holding.
"Luxembourg is an excellent base for us and we are excited about the opportunities this new company presents. Most importantly, this decision ensures it will be business as usual for our customers when the UK leaves the EU, providing them with a stable, long term solution", said Charles Franks, CEO of Tokio Marine Kiln.