Tokio Millennium Re has announced its intention to redomicile its headquarters to Switzerland. Its Bermuda offices will become a major branch of the wider company, with the move expected by October.
TMR said that it views Switzerland as an excellent location “for optimizing its corporate structure while providing greater access to the European reinsurance market and maximizing its capital efficiency.”
The move has been approved by the board of TMR, but is subject to regulatory approval. TMR intends to complement the move with the establishment of US operations in the second quarter of 2014.
Commenting on the move Tatsuhiko Hoshina, president and CEO of TMR said: “Even though TMR is redomesticating to Switzerland, we are committed to maintaining our presence in Bermuda where we have operated since inception. We are very proud of the investment we’ve made in the community of Bermuda over the years and intend to continue doing so.”
The company’s third party capital vehicle, Tokio Solution Management will remain in Bermuda.
Tokio Millennium Re, Bermuda, Switzerland, redomestication