Tokio Marine Kiln set to become one of the leading international providers of specialist and corporate insurance, Charles Franks as CEO.
Kiln Group and Tokio Marine Europe today announced plans to form a new combined operation with effect from 1 January 2014, subject to regulatory approval. The businesses, which are part of the Tokio Marine Group, will pursue a common strategy under a combined management team to deliver continued profitable growth in Europe and beyond.
The new operation, Tokio Marine Kiln Group Ltd, will be led by Charles Franks as Group Chief Executive Officer. It will provide specialist and corporate insurance products within the Lloyd’s and Company markets.
Franks said: “In an industry where scale and financial strength are increasingly important, we must take advantage of our position as part of one of the largest and strongest insurance groups in the world. We have played a key role in the delivery of Tokio Marine’s international strategy for five very successful years, and now is the right time to take this proactive step and build on the strength of that relationship.
“By bringing together two strong, longstanding businesses with distinct yet complementary capabilities, our intention is to create a leading international provider of specialist and corporate insurance to deliver continued profitable growth. The main purpose of this exciting move is to address our clients’ needs better by providing them with broader range of products, increased capacity and greater choice and flexibility through Lloyd’s and a Company platform.
“While this is an important move for Kiln, our commitment to Lloyd’s and to our Names remains solid and our focus on empowered underwriting will not change. Furthermore, I am confident that with our common values, strong talent pool and shared vision, we will create a leading international business that achieves continued profitable growth.”
Yusuke Otsuka, Chief Executive of Tokio Marine Europe, who will assume the role of Deputy Group Chief Executive Officer of Tokio Marine Kiln, said: “We are excited by this move to deliver sustained profitable growth across Europe, where we have established a foothold, and beyond. Through working together, our clients will benefit from increased scale, a broadened distribution network and combined capabilities, which will enable us to provide enhanced flexibility and service. I would like to thank our clients for their continued support to date, and reassure them that our commitment to them remains unchanged as we undertake this exciting step towards growing our business.”
Kiln has been in business since 1962. It reported a gross written premium (GWP) of £1.5bn in 2012 and underwrites a broad range of specialist lines including Property, Reinsurance, Marine & Special Risks, Accident & Health, Aviation, Enterprise Risk and Life through its offices in the UK, Germany, France, Belgium, Singapore, Hong Kong, China and Brazil, as well as its extensive global coverholder network, as part of the Lloyd’s specialist insurance market.
Tokio Marine Europe, which originates its operation in 1880, reported GWP of £262m in 2012 and writes both Japanese-related and local-market commercial risks, including Property, Marine Cargo, Liability & Personal Accident and Travel Insurance through its European Company platform. It has branches in France, Germany, Belgium, The Netherlands, Italy, Spain and the UK.
Tokio Marine Kiln’s London headquarters will be based at 20 Fenchurch Street from 2015. The company will be held under the ownership of Tokio Marine & Nichido Fire Insurance Co. Ltd.
Tokio Millennium Re (UK) Ltd, a Tokio Marine Group subsidiary company which has an operation in London, is not affected by this change.