The new boss of Tokio Millenium Re yesterday said the firm was committed to Bermuda.

And Stephan Ruoff, who took over as CEO at the start of the month, said that the Island would continue to play a key part in the firm’s plans.

Mr Ruoff said: “Definitely — we have redomiciled the company from a regulatory perspective to Switzerland, but that does not mean that we don’t have an emphasis on the Bermuda hub.

“Going into the future, it will remain an important hub.”

Mr Ruoff was speaking on a visit to the Tokio Millennium Re offices on the Island this week.

He added that — despite a tough market — the firm would not be drawn into the round of mergers and takeovers as the industry struggles with problems such as soft pricing, lack of demand and alternative capital.

Mr Ruoff said: “I don’t see Tokio Millennium Re being an active or passive part of the ongoing merger and acquisitions frenzy we see in the market for the simple reason our sole shareholder is the Tokio Marine Group and we’re part of their global strategy.

“We are not up for sale and at the moment we’re not actively pursuing merger and acquisition plans.”

German-born Mr Ruoff added: “Our business is doing rather well, but where I would join a lot of views in the market is that we have a changing environment in the sense we have seen a huge capital supply in our industry and we’ve also seen new and reinvented business opportunities emerging.”

And he said: “Yes, it’s a changing market and difficult times, but at the same time it holds a lot of opportunities for companies which are agile and willing to be innovative.”

Mr Ruoff added that the firm’s high ratings from Standard & Poors (AA- very strong) and AM Best (A++ superior) reflected the firm’s solid base.

He said: “It’s certainly a result of very strong underwriting over very many years ... but it’s also part of our origin and shareholding through the Tokio Millennium Group.

“We do enjoy a parental guarantee from Tokio Marine Group, so our financial strength is backed by that very strong group.”

The firm has just got authorisation from UK regulators to open a branch office in London and will start writing business from the start of July.

Mr Ruoff explained that, in the past the firm had an affiliate, Tokio Millennium Re (UK) Ltd, in London, which was separately run and regulated and, although it operated under Tokio Millennium Re guidelines, had a separate balance sheet.

He said: “The new branch will help us streamline our operations worldwide.

“It’s part of our global strategy to establish a very capital efficient and management efficient operating structure. London will take over business written by Tokio Millennium Re (UK) Ltd, which will then be put in run-off and closed.”

He said that, since the firm was founded in Bermuda 15 years ago, it had evolved from a “pure property catastrophe Bermuda underwriter” into a firm with branches around the world.

Mr Ruoff added: “It’s already changed a lot and my task is to help these changes settle in and operate a very different platform, probably, from when it was founded in 2000.”