Tokio Marine will establish its new European subsidiary in Luxembourg following the UK’s decision to leave the European Union.
Tokio Marine is aiming to have the new insurance company operational within the first half of 2018 to enable Tokio Marine HCC and Tokio Marine Kiln to start writing business, including with Japanese customers.
Luxembourg was chosen thanks to its pro-business position, strong financial services experience and well-respected and robust regulator, as well as its geographic location at the centre of Europe.
Barry Cook, CEO of Tokio Marine HCC, "Post-Brexit, Luxembourg is likely to become an important market place for property and casualty insurance in Europe and we are looking forward to contributing to that new development."
Tokio Marine HCC and Tokio Marine Kiln are part of the Japanese Tokio Marine Group. Established in 1879 as Japan’s first non-life insurance company, Tokio Marine Group has been expanding its business globally from the domestic non-life insurance business to life insurance business and international insurance business.