Tokio Marine Kiln (TMK) has reorganized its Asian operations, which are based primarily in Singapore with supporting offices in Hong Kong and Shanghai. TMK will be closing its Hong Kong office with immediate effect. It will make arrangements over the next six months for an orderly runoff of the business.
TMK said it made the decision after re-assessing the ongoing, challenging market for the engineering, marine cargo and marine liability lines written out of Hong Kong, which had “made the cost of maintaining the office unsustainable”.
Group CEO Charles Franks said that “our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time”, adding that TMK remained firmly committed to its Asian strategy. “Our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies – focusing on accident & health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance and property treaty reinsurance business throughout Asia”. The Singapore and Shanghai teams will help to manage the runoff of the Hong Kong business.