Tokio Marine Group said it has received regulatory approval from Luxembourg’s Commissariat aux Assurances and the Japanese Financial Services Authority to set up a new insurance company in Luxembourg.

The new carrier, Tokio Marine Europe S.A., will operate as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln. Thibaud Hervy, chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed as the chief executive officer of the company.

The new entity will ensure that, regardless of the outcome of current Brexit negotiations, Tokio Marine Group will be able to continue servicing its clients in the European Economic Area (EEA). The new insurance company is expected to be operationally ready in the second half of 2018.

S&P Global Ratings assigned its “AA- (Very Strong)” financial strength rating to Tokio Marine Europe S.A. with a positive outlook.

“It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this,” Barry Cook, CEO of Tokio Marine HCC International.

Source: Tokio Marine Group