Tokio Millennium Re Establishes U.S. Branch
Tokio Millennium Re AG [TMR AG] has revealed that the New York State Department of Financial Services [NYSDFS] has issued a license to the company’s newly formed U.S. branch.
The U.S. branch will focus primarily on non-catastrophe risks to further expand TMR AG’s stated intent to diversify its risk exposure. TMR AG also established a management company for the U.S. branch operations – TMR Management, Inc. – which is located in Stamford, Connecticut.
Responding to the issuance of the license, TMR AG’s Chief Executive Officer Tatsuhiko Hoshina said, “We are excited about the establishment of our U.S. branch, which is an integral part of our strategic business plan. The U.S. branch aims to have our “feet on the ground” to broaden access to our U.S. cedants and brokers and will position us well for the future growth in the U.S. reinsurance market.”
“Mr. Hoshina will head the U.S. branch while also maintaining a presence in Bermuda as Group CEO.
“Originally established in Bermuda in 2000, TMR AG has remained at the forefront of the reinsurance industry on the island since its inception. In order to diversify its underwriting portfolio, TMR AG has been expanding its business both geographically and through broader product offerings since 2010.
“TMR AG established operations in Zurich in 2010 and Sydney in 2011 to gain greater access to these regional reinsurance markets, and in 2010 it also expanded into non-catastrophe lines of business, mainly in the United States. In October 2013, TMR AG redomiciled to Switzerland, converting the Bermuda operation into a branch.”
