Tokio Marine Global said it has formed a long-term partnership with Xchanging through which it intends to begin writing business in London from 2005, subject to the approval of the FSA.
The companies said they have adopted a commercial model for the contract which provides Tokio Marine Global with a platform to manage planned business from.
Through the long-term partnership, Xchanging said it would implement several structural changes to Tokio Marine Global's outsourced areas to maximise the companies potential.
Tokio Marine Global chief executive Hirotoshi Murakami said: “As a key strategy to overcome the market cycle, Tokio Marine Global will pursue a low fixed cost operation by outsourcing all back-office and non-core activities to Xchanging. This move is a stepping stone to further development of the group's global advancement whilst supporting the growth and modernisation of the London Market.
"Xchanging is uniquely placed as a ‘one-stop shop' to deliver the breadth of services that we require.”
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