Tokio Millennium Re’s Bermuda operations will be led by Kathleen Faries from the start of next year.

The news came with the announcement that the firm had set up a new Capital Solutions unit, based on the Island.

Edwin Jordan will lead the new unit and also continue until the end of the year as head of TMR’s Bermuda branch.

Ms Faries, the chief executive officer of Tokio Solution, will succeed him as the Bermuda leader on January 1, 2016. In May she was named as the Bermuda Insurance Institute’s Insurance Leader of the Year for 2015.

TMR said yesterday: “The Capital Solutions unit will focus on developing new capital markets products and leveraging the use of technology to transact business with TMR’s capital markets partners.”

Stephan Ruoff, TMR’s chief executive officer, said: “TMR has a successful track record in working with the capital markets since 2003. The company is further expanding its capital markets strategy as a core contributor to the organisation’s earning power by strengthening its product offering and services.

“Doing so enables TMR to offer greater capacity to its cedants, assists in managing our net portfolio and provides more opportunities to work with our capital markets partners.”

TMR established Norwood Re Ltd, a Bermuda-licensed special purpose insurer, earlier this year, and in 2013 it founded Tokio TensaiTM, a private catastrophe bond platform that has since been expand to include to include private collateralised notes.

TMR said some of the key advantages of creating a fully dedicated unit coordinating efforts across TMR and Tokio Solution Management Ltd. (Tokio Solution), a wholly owned subsidiary of TMR, are a more holistic underwriting and retrocession approach, better leverage of the company’s expertise and analytics to help build portfolios that outperform the market and better alignment of resources to offer new products and services.

Tokio Solution will remain the distribution hub working closely with capital markets partners in managing and facilitating reinsurance linked contracts and structures.

Mr Ruoff added: “Having Ed focus his efforts solely on leading and ensuring the success of the Capital Solutions unit and appointing Kathleen as the Head of Bermuda for TMR further supports our commitment to the capital markets space.

“These management appointments underscore our view that the synergy and collaboration across TMR and Tokio Solution in executing upon our capital markets strategy will be key to our future success.”