Tokio Millennium Re has revealed that the New York State Department of Financial Services has issued a license to the firm’s newly formed US branch.
The branch will be known as Tokio Millennium Re AG, US Branch.
The US branch will focus primarily on non-catastrophe risks to further expand TMR AG’s stated intent to diversify its risk exposure.
A management company has also been established for the US branch operations – TMR Management, Inc. – located in Stamford, Connecticut.
Responding to the issuance of the license, TMR AG’s CEO Tatsuhiko Hoshina says, “We are excited about the establishment of our US branch, which is an integral part of our strategic business plan. The US branch aims to have our “feet on the ground” to broaden access to our US cedants and brokers and will position us well for the future growth in the US reinsurance market.”
Hoshina will head the US branch whilst maintaining his presence in Bermuda as Group CEO.
Originally established in Bermuda in 2000, TMR AG has remained at the forefront of the reinsurance industry on the island since its inception. In order to diversify its underwriting portfolio, TMR AG has been expanding its business both geographically and through broader product offerings since 2010.
As a subsidiary of the Tokio Marine & Nichido Fire Insurance Co., Ltd., Japan’s oldest and largest non-life insurance company, TMR AG is primarily engaged in property and casualty reinsurance and market solutions products.
Tokio Millennium Re, North America, US branch, Tatsuhiko Hoshina