Bermuda-based Tokio Millennium Re Ltd., a subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd., has announced that it will expand into additional lines of business from the start of next year.

Tokio will target its existing US client base and provide proportional and per risk coverage for property as well as casualty lines of business. Entry into the US market will enable the company to further expand the globalisation of its parent company, diversify its current portfolio and provide clients with more products.

Tatsuhiko Hoshina, president and CEO of Tokio, said: "Since our inception in 2000, Tokio Millennium Re has maintained its focus on building long-term client relationships by maintaining high quality service and strong financial security. The expansion into new lines of business is a logical progression of Tokio as a company and its increasing capabilities to provide multiple product solutions to our brokers and existing clients."

Jerome Faure, chief underwriting officer at Tokio, said: "Tokio Millennium Re has hired personnel, and has and will continue to develop underwriting tools to price these lines of business as well as other lines of business that we will roll out in 2010.

"Despite our growth into new lines, Tokio will maintain the strict underwriting discipline approach that was developed in writing our catastrophe book of business."