Tokio Re Form Two New Corporations
Bermuda-based Tokio Millennium Re Ltd. announced the formation of two new corporations: Tokio Solution Management Ltd. (TSM), an insurance management company, and Shima Reinsurance Ltd. (Shima Re), a Bermuda-domiciled segregated accounts company.
The launch of these two wholly-owned companies represents the next step in TMR’s long-standing objective to become a full-service market facilitator to capital market entities investing in reinsurance.
Backed by their parent company’s professional expertise, years of experience and proven financial strength, TSM and Shima Re enable TMR to offer clients the full range of services necessary to allow them to invest and participate fully in the growing collateralised reinsurance marketplace.
Newly-appointed CEO of TSM, Kathleen Faries, elaborates further: “This is a very exciting progression for TMR. No other provider is able to offer clients full-service market facilitation – every transaction consists of many different elements, and in an industry first, TSM will now collaborate with TMR and Shima Re to deliver access to all of those elements under one roof.”
Tatsuhiko Hoshina, President and CEO of TMR goes on to add; “Creating new reinsurance markets has always been a part of TMR’s original mandate. We have been supporting the expansion and growth of the collateralised reinsurance market and with the creation of TSM and Shima Re, we are entering the next phase of fulfilling that mandate and are very pleased to be able to offer our clients a broader range of services.”
TSM will begin business on 1 October 2012.
