Regulators award licence to Tokio Millennium’s new US office
Tokio Millennium Re's (TMR) new US branch has received a licence to do business.
The company, which has offices in Bermuda having been established on the Island in 2000, said yesterday that the US branch will focus primarily on non-catastrophe risks, as the company aims to diversify its risk exposure.
TMR, which is a subsidiary of Japan's largest non-life insurer Tokio Marine & Nichido Fire Insurance Co Ltd, said yesterday that the New York State Department of Financial Services (NYSDFS) had issued a licence to its newly formed US Branch.
The branch will be known as Tokio Millennium Re AG, US Branch. TMR also established a management company for the US branch operations, TMR Management, Inc, which is located in Stamford, Connecticut.
TMR chief executive officer Tatsuhiko Hoshina said: “We are excited about the establishment of our US branch which is an integral part of our strategic business plan. The US branch aims to have our ‘feet on the ground' to broaden access to our US cedants and brokers and will position us well for the future growth in the US reinsurance market.”
Mr Hoshina will head the US branch while also maintaining a presence in Bermuda as Group CEO.
In its statement, TMR added: “Originally established in Bermuda in 2000, TMR AG has remained at the forefront of the reinsurance industry in Bermuda since its inception. In order to diversify its underwriting portfolio, TMR AG has been expanding its business both geographically and through broader product offerings since 2010.
“TMR AG established operations in Zurich in 2010 and Sydney in 2011 to gain greater access to these regional reinsurance markets and in 2010 it also expanded into non-catastrophe lines of business, mainly in the United States. In October, 2013 TMR AG redomiciled to Switzerland converting the Bermuda operation into a branch.”