Tokio Marine, a Japan-based specialty insurer, has announced that it will place its UK insurance business, Tokio Marine Kiln Insurance (TMKI), into run-off.
The move, according to Tokio Marine, will enable the company to focus on its Lloyd’s entities, and improve overall growth and efficiency.
As a result, TMKI will stop accepting business from 1 July this year. However, the move will not affect Japanese accounts until 1 January 2020 when they will be underwritten by Tokio Marine HCC International Insurance (TMHCCI), which the sister company of TMK.
The company will continue to build its specialty business through Tokio Marine Europe, TMHCCI, and Lloyd’s syndicate 4141. These lines will not be affected by this reorganisation.
The overhaul of the UK business will also allow the firm to focus on developing its portfolios through three Lloyd’s syndicates – 510, 557 and 1880.
Tokio Marine CEO Kiln Charles Franks said: “This reorganisation 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.”
In April, Tokio Marine signed an agreement to form a joint venture general insurance company with Grand Guardian Insurance Holding (GGIH) to foray into the general insurance market of Myanmar.