Reinsurer: Some staff will be relocated as part of redomicile
Tokio Millennium Re, which is moving its headquarters from Bermuda to Switzerland, says some top staff on the Island will be relocated as part of its plans to redomicile.
The reinsurer announced this week it’s moving its place of incorporation to Switzerland — and is also setting up an operation in the US.
But the reinsurer said it’s committed to maintaining its presence on the Island where it has operated since its launch in 2000.
A spokesperson for the reinsurer told
The Royal Gazette yesterday: “Tokio Millennium Re Ltd currently employs 70 employees in Bermuda.
“At a very high level, TMR’s plan to move our country of domicile and to set up a US branch will involve relocating certain positions to support our expanded global operation.
“We are still in a very preliminary stage of this expansion and as such are unable to comment on specific details of our plans at this time. However, we can reaffirm that we are committed to maintaining our significant presence in Bermuda where we have operated since inception.
“Furthermore, our strategic subsidiaries in the collateralised reinsurance market, Tokio Solution Management and Shima Re, will stay domiciled in Bermuda and will be an area of growth for TMR Group.”
In a statement Tuesday TMR president and CEO Tatsuhiko Hoshina has said: “The global reinsurance industry is evolving rapidly, which presents many new opportunities for our organisation. We intend to continue playing a leading role in the marketplace with a view to further growth and expansion while meeting — and exceeding — our clients’ expectations. This restructuring will provide the platform to do precisely that.”
TMR sees Zurich as its preferred domicile to support its corporate structure, provide greater access to the European reinsurance market and enable continued growth for itself and contribution to Tokio Marine’s globalisation plans.