Tokio Millennium Re AG is launching U.S. operations, the latest step in the company’s ongoing push to globalize its reach.
TMR AG, the subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd, disclosed it has obtained a license from the New York State Department of Financial Services for the new U.S. branch, which will handle non-catastrophe risks.
TMR AG is mostly centered around property/casualty reinsurance and its new U.S. operations are designed to diversify its risk exposure, the company said. TMR AG’s corporate parent is Japan’s oldest and biggest non-life insurance company.
Management of TMR AG’s U.S. operations will be based in Stamford, Conn., TMR said in a press release.
Tokio Millennium RE AG also maintains operations in Australia, Bermuda, Switzerland and the United Kingdom. Last May, the company redomesticated its place of incorporation from Bermuda to Switzerland as part of its continued plan to expand and globalize.
Tatsuhiko Hoshina, CEO of TMR AG, said in a statement that the U.S. expansion reflects “an integral part of our strategic business plan.” He said the U.S. office will help the company boost access to its U.S. cedants and brokers, and help fuel future growth in the U.S. reinsurance market. Hoshina will head the U.S. division but also remain in Bermuda as Group CEO, the company said.
TMR AG initially launched in Bermuda in 2000.