Tokio Millennium Re Ltd. (“TMR”) has announced that it plans to redomesticate its place of incorporation from Bermuda to Switzerland as part of what it said was its ongoing commitment to growth and expansion as well as its continued contribution to Tokio Marine Group's globalization.
According to the company, this move was in keeping with its long term strategy to expand its business both geographically and through broader product offerings. “The global reinsurance industry is evolving rapidly, which presents many new opportunities for our organization,” explained Tatsuhiko Hoshina, president and chief executive officer of TMR. “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.”
The redomestication to Switzerland was approved by TMR's board of directors, but remains subject to relevant regulatory approvals and procedures. Switzerland is targeted to become the company's domicile in October 2013 and following the redomestication, the existing Bermuda operation of TMR will operate as one of the largest branches in TMR. Tokio Solution Management also will remain in Bermuda as the group's strategic subsidiary in the collateralized reinsurance market.
The company also announced that, to further its geographic diversification, it plans to establish an operation in the United States in the second quarter of 2014.
“Even though TMR is redomesticating to Switzerland, we are committed to maintaining our presence in Bermuda where we have operated since inception,” continued Mr. Hoshina. “We are very proud of the investment we've made in the community of Bermuda over the years and intend to continue doing so.”
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].