Tokio Millennium Re Ltd. announced Tuesday that it plans to redomesticate its place of incorporation from Bermuda to Switzerland, saying that the move is part of its ongoing commitment to growth and expansion, as well as its continued contribution to Tokio Marine Group’s globalization.
This move is in keeping with TMR’s long-term strategy to expand its business both geographically and through broader product offerings, the company said in a statement.
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.
“Even though TMR is redomesticating to Switzerland, we are committed to maintaining our presence in Bermuda where we have operated since inception,” Tatsuhiko Hoshina, president and CEO of TMR, said in the statement. “We are very proud of the investment we’ve made in the community of Bermuda over the years and intend to continue doing so.”
To further its geographic diversification, the organization also plans to establish an operation in the United States in the second quarter of 2014, the statement said.
According to the media statement, the company considers Switzerland (Zurich), where it has been operating a branch since 2010, to be an excellent location for optimizing its corporate structure, while providing greater access to the European reinsurance market and maximizing its capital efficiency.
The redomestication to Switzerland was approved by TMR’s Board of Directors, but remains subject to relevant regulatory approvals and procedures.
Tokio Solution Management will also remain in Bermuda as the group’s strategic subsidiary in the collateralized reinsurance market.
Tokio Millennium Re Ltd. was originally 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.
Source: Tokio Millennium Re Ltd.