Tokio Millenium Plans Swiss Move
Bermuda-based Tokio Millennium Re Ltd. announced today [May 14] that it plans to move its place of incorporation to Switzerland as part of a larger restructuring effort.
The global reinsurer said the move is part of a long-term strategy to diversify its product offerings and geographic reach and aligns it with a larger globalization effort of parent Tokio Marine Holdings Inc.
Tokio Millennium Re will move its headquarters to Zurich by October.
Tokio Millennium Re, which was formed in Bermuda in 2000 to help its parent diversify by writing property catastrophe reinsurance business outside Japan, has had a Zurich branch since 2010.
The company said it considers Switzerland to be an excellent location to provide greater access to the European reinsurance market while maximizing its capital efficiency.
“The global reinsurance industry is evolving rapidly, which presents many new opportunities for our organization,” Tatsuhiko Hoshina, president and CEO of Tokio Millennium Re said in a statement.
Even though the reinsurer is redomesticating to Switzerland, “we are committed to maintaining our presence in Bermuda where we have operated since inception,” he said.
The company also said it plans to establish an operation in the United States in the second quarter of 2014.
Gulp! Well that ain’t supposed to happen! Bermuda’s the center of the reinsurance world and we need the tax revenue these executives provide to our government. We even changed our government, hoping that would make them all happy to stay here! What a wasted vote, what a waste of hope!
We are screwed people!
Stemming the tide created by the previous seat-warmer’s is and will be a daunting task. I just hope that the damage done, can be reversed.