Tokio Marine Kiln’s’s UK insurance company Tokio Marine Kiln Insurance (TMKI), and portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, are being placed into run-off. TMKI will stop accepting business from July 1st 2019, apart from Japanese accounts, which will be unaffected until January 1st 2020. After that date they will be underwritten by TMK’s sister company Tokio Marine HCC (TMHCC).
The company said that it would ensure an orderly run-off and that all policies and valid claims would be properly serviced.
TMK remains the largest of Tokio Marine Group’s Lloyd’s businesses and will focus on developing its international specialist Property & Casualty; Reinsurance; Marine, Aviation and Special Risks and Accident & Health, Contingency & Equine portfolios through its three Lloyd’s Syndicates – 510, 557 and 1880.
TMHCC will continue to build and enhance its specialty business through TMHCCI, Tokio Marine Europe and Lloyd’s Syndicate 4141. TMK said that TMHCC’s lines of business would be unaffected by the reorganization.
TMK said that the decision “underpins Tokio Marine Group’s strategy to develop and enhance its specialist businesses in the UK and Europe profitably and efficiently”.
Charles Franks, CEO of Tokio Marine Kiln, said: “This reorganization enables TMK to play to its strengths, ensuring increased focus and investment on our Lloyd’s business which has been operating since 1962. 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.”