Tokio Millennium Completes Redomestication
Tokio Millennium Re Ltd. [TMR], a subsidiary of Tokio Marine & Nichido Fire Insurance Co., Ltd., has completed the previously-announced redomestication of the Company from Bermuda to Switzerland, including approval from the Swiss Financial Market Supervisory Authority [FINMA]. As such, TMR will become registered as Tokio Millennium Re AG, effective today.
Responding to his company’s completion of the redomestication, Tatsuhiko Hoshina, TMR’s Chief Executive Officer, said: “We are excited about our redomestication to Switzerland. This move is an essential step in achieving TMR Group’s long term business plan for further expansion, growth and diversity and maximizing capital efficiency.”
Mr. Hoshina will remain Group Chief Executive Officer of Tokio Millennium Re AG and will oversee the Group from the Bermuda office. Edwin Jordan has been appointed Head of the Bermuda branch. As part of the redomestication, Stephan Ruoff has been appointed Group Chief Underwriting Officer, and will also serve as Head of the Europe operation from Zurich.
The completion of the redomestication follows other steps recently made by Tokio Millennium Re towards reaching its long term business plan. Last month, in a press release issued on 13 September 2013, TMR announced a broadening of its reinsurance services to Asian clients. These services are to be offered by the Group’s UK operation, Tokio Millennium Re [UK] Ltd. [TMRUK], from 1 January 2014 for renewals of the current Asian portfolio written by Tokio Marine Global Re Asia Ltd. In addition to this, the Group will continue to grow with an operation to be established in the United States in the second quarter of 2014.
Another one bites the dust!
……….I thought OBA was turning things around and stopping all people from leaving BDA by giving away PRC, Status and job creator privileges?
All they’re doing is following the lead of companies like ACE. At least this time around it doesn’t sound like any jobs will be lost.
At least….they haven’t announced any job losses….but how many employees have already/are in the process of relocating to Switzerland. And eventually how many support ie. Bermudian job losses will occur?