Tokio Marine Kiln (TMK)s UK insurance company, Tokio Marine Kiln Insurance , will be placed into run-off, alongside portfolios of UK property, liability, marine and engineering risks it is currently underwriting.
TMK Insurance will stop accepting business from 1 July 2019. Japanese accounts will be unaffected until 1 January 2020, after which it will be underwritten by TMK’s sister company Tokio Marine HCC.
The company will ensure a neat run-off and that all policies and valid claims will be serviced accordingly.
Charles Franks, CEO of TMK, said: “This reorganisation enables TMK to play to its strengths, ensuring increased focus and investment on our Lloyd’s business which has been operating since 1962.”
He added: “We will continue to pursue our strategy to grow our specialist classes profitably and efficiently, with the financial and global strength of Tokio Marine.”
“We are committed to supporting our customers, brokers and employees through this change.”
Tokio Marine HCC will continue to use and enhance its specialty business through Tokio MHCC Insurance, Tokio Marine Europe and Lloyd’s Syndicate 4141.
Its lines of business are unaffected by this reorganisation.
The decision is part of Tokio Marine Group’s strategy to develop and enhance its profitably and efficiently in specialist businesses in the UK and Europe.
