ASIA: TOKIO MARINE SETS UP A NEW REINSURANCE SUBSIDIARY IN LABUAN
Source: Asia Insurance Review, 16 October 2012
Tokio Marine & Nichido Fire Insurance received regulatory approval from Labuan FSA to set up a new reinsurance subsidiary in Labuan, Malaysia.
Tokio Marine Global Re Asia (TMGRe Asia) intends to start writing new and renewal treaty business for the 2013 renewal and onwards, and will ensure consistent service and financial security to Tokio Marine Global Re's clients in Asia with its streamlined corporate structure, said Mr Keith Maruyama, Director & CEO of Tokio Marine Global Re.
Tokio Marine Global Re, headquartered in Dublin, Ireland, has a Labuan branch that writes Asian treaty business. The branch will be run off and its portfolio will be transferred to TMGRe Asia after the incorporation of the latter. The incorporation is subject to Japan FSA’s approval, which Mr Maruyama hopes to obtain before the January 2013 renewal.