Tokio Marine Will Put One of Its UK Insurance Companies Into Runoff.
Byline: L.S. Howard
Tokio Marine Will Put One of Its UK Insurance Companies Into Runoff
Tokio Marine Group is putting one of its UK insurance companies, Tokio Marine Kiln Insurance (TMKI), into run-off. Going forward, Tokio Marine Kiln (TMK) will focus on its Lloyd's businesses.
The run-off plan will be taken in two parts: TMKI's portfolios of UK property, liability, marine, and engineering risks will be placed into run-off on July 1, 2019, while its Japanese accounts will be unaffected until Jan. 1, 2020 when they will be underwritten by TMKI's sister company Tokio Marine HCC (TMHCC), which is headquartered in Houston and has a UK operation.
Market sources indicate the decision was made to put TMKI into run-off because it didn't have enough critical mass to be a leading insurer in the UK market. The decision underpins Tokio Marine Group's strategy to develop and enhance its specialist businesses in the UK and Europe profitably and efficiently, the company said in a statement.
Tokio Marine Group has two remaining UK operations. Its largest Lloyd's business is Tokio Marine Kiln (TMK), which will continue to focus on developing its international specialist property & casualty; reinsurance; marine, aviation and special risks; accident & health, and contingency & equine portfolios through three Lloyd's Syndicates 510, 557 and 1880.
Its second UK business, TMHCC, will continue to build and enhance its specialty business through TMHCCI, Tokio Marine Europe and Lloyd's Syndicate 4141, said TMK in a statement.
"This reorganization enables TMK to play to its strengths, ensuring increased focus and investment on our Lloyd's business which has been operating since 1962," said Charles Franks, CEO of Tokio Marine Kiln.
"We will continue to pursue our strategy to grow our specialist classes profitably and efficiently, with the financial and global strength of Tokio Marine. We are committed to supporting our customers, brokers and employees through this change," he said.
*This story ran previously in our sister publication Insurance journal.
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|Date:||Jun 25, 2019|
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