Approval for Part VII transfer ahead of Brexit

Tokio Marine Group receives approval to complete its Part VII transfer ahead of Brexit

19 November 2018:

Tokio Marine Group has announced that it has received approval from the High Court of England and Wales to complete the Part VII process of transferring the existing portfolio of policies written out of Continental European operations to its newly established insurance company subsidiary, Tokio Marine Europe S.A. (TME), in preparation for the UK’s exit from the European Union (EU).

TME, with financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, will be based in Luxembourg with various offices and branches in the countries where it is most active across the EU. TME will market its products under the “Tokio Marine HCC” brand.

Both Tokio Marine HCC and Tokio Marine Kiln have been working in partnership to set up TME. The main aim of the business transfer is to ensure the process runs smoothly for brokers and clients, maintaining ‘business as usual’, contract certainty and coverage continuity. Thibaud Hervy, Chief Executive Officer of TME, commented: “Gaining approval from the High Court is a major step in securing our Brexit plans. Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service.”

Barry Cook, Chief Executive Officer of Tokio Marine HCC International and Charles Franks, Chief Executive Officer of Tokio Marine Kiln, commented: “At the forefront of our thoughts through all of this hard work has been the need to maintain high customer service for all policyholders and brokers. Succeeding with the Part VII transfer marks a major milestone for all involved.”

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About Tokio Marine HCC

Tokio Marine HCC (TMHCC) is a leading specialty insurance group transacting business in approximately 180 countries and underwriting more than 100 classes of specialty insurance. Headquartered in Houston, Texas, the company is comprised of highly entrepreneurial teams equipped to underwrite special situations, companies and individuals, acting independently to deliver effective solutions. TMHCC’s products and capabilities set the standard for the industry, as many of its 2,700 employees are industry-leading experts. The company’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings. TMHCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalisation of $34 billion as of December 31, 2017.

For further information, please visit www.tmhcc.com.

About Tokio Marine Kiln

Tokio Marine Kiln (TMK) is a forward thinking international underwriting business which operates in the Lloyd’s and Company markets. The company has been founded on empowered expertise and the strength of its relationships. As part of one of the world’s largest insurance groups, Tokio Marine, TMK empowers its people in 20 cities around the world to protect customers against complex and ever changing risks. The company has four underwriting teams focused on: Property & Casualty; Marine, Aviation & Special Risks; Accident & Health; and Reinsurance, which are complemented by a first class claims team and an expert risk engineering service. TMK benefits from financial strength ratings of “A+ (Strong)” from S&P Global Ratings attributed to its Company platform and its four managed syndicates at Lloyd’s.

For further information, please visit www.tokiomarinekiln.com.