Japan-based Tokio Marine & Nichido has unveiled plans to write global commercial business in London.
Under its global expansion strategy the company said it would restructure its group company European Nichido Insurance, which is authorised by the FSA.
European Nichido Insurance will be renamed Tokio Marine Global (TMG). It is aiming to begin writing business from 2005 with an increased capital backing of £125m, subject to FSA approval.
According to the business plan, TMG expects net premium income of £110m in the second year of operation.
TMG said it would have a parental guarantee and it is to aim for the same Standard & Poor's ‘AA-‘ credit rating as its parent company.
