Regulators grant Tokio Marine approval for its post-Brexit base in Luxembourg
The Commissariat aux Assurances (CAA) and Japanese Financial Services Authority (JFSA) have granted Tokio Marine Group approval to set up a new Luxembourg-based company.
The move is intended to allow Tokio Marine to continue offering its services to clients post-Brexit.
The new company, Tokio Marine Europe, will be a Tokio Marine HCC subsidiary and work in partnership with Tokio Marine Kiln.
Barry Cook, chief executive of Tokio Marine HCC International, said: “It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this.”
Charles Franks, chief executive of Tokio Marine Kiln, added: “Tokio Marine Europe S.A. will provide a long-term solution to the uncertain developments around Brexit, and the company will provide all brokers and coverholders with continued security and high service levels going forward.”
On 7 May, the new company was awarded an AA- rating by S&P Global Ratings. It is expected to be ready in the second half of 2018.
Thibaud Hervy, currently chief underwriting officer for specialty lines at Tokio Marine HCC, is to become chief executive of the new European base.
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