Tokio Millennium Re Ltd. (“TMR”), a subsidiary of Tokio Marine & Nichido Fire Insurance Co., Ltd., said that it has completed the previously-announced redomestication of the company from Bermuda to Switzerland, including approval from the Swiss Financial Market Supervisory Authority. As such, the company will become registered as Tokio Millennium Re AG.
Responding to his company's completion of the redomestication, Tatsuhiko Hoshina, TMR's chief executive officer, said, “We are excited about our redomestication to Switzerland. This move is an essential step in achieving TMR Group's long term business plan for further expansion, growth and diversity and maximizing capital efficiency.”
Mr. Hoshina will remain group chief executive officer of Tokio Millennium Re AG and will oversee the group from the Bermuda office. Edwin Jordan has been appointed head of the Bermuda branch. As part of the redomestication, Stephan Ruoff has been appointed group chief underwriting officer, and also will serve as head of the Europe operation from Zurich.
The completion of the redomestication follows other steps recently made by Tokio Millennium Re towards reaching its long term business plan. Last month, TMR announced a broadening of its reinsurance services to Asian clients. These services are to be offered by the group's United Kingdom operation, Tokio Millennium Re (UK) Ltd., from January 1, 2014 for renewals of the current Asian portfolio written by Tokio Marine Global Re Asia Ltd.
In addition to this, the company said that the group will continue to grow with an operation to be established in the United States in the second quarter of 2014.
TMR originally was established in Bermuda in 2000 to act as a strategic risk diversifier for the Tokio Marine Group by writing property catastrophe reinsurance business outside of Japan. In order to diversify its underwriting portfolio, TMR has been expanding its business both geographically and through broader product offerings since 2010. TMR established branch operations in Zurich in 2010 and in Sydney in 2011 to gain greater access to these regional reinsurance markets. In 2010, TMR also expanded into non-catastrophe lines of business, mainly in the United States.
As a subsidiary of Tokio Marine, TMR primarily is engaged in property and casualty reinsurance and market solutions products.
Learn more: Tokio Millennium Re to Redomesticate to Switzerland.
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].