Japanese insurer Tokio Marine Group has obtained approval from Luxembourg’s insurance regulator, the Commissariat aux Assurances (CAA), and the Japanese Financial Services Authority, to set up a Luxembourg subsidiary.

The new entity, Tokio Marine Europe, will operate as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln.

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Tokio Marine HCC chief underwriting officer for specialty lines Thibaud Hervy has been named as the CEO of the new company.

The new entity will ensure that Tokio Marine Group continues to serve its clients in the European Economic Area (EEA) post- Brexit.

Tokio Marine HCC International CEO Barry Cook said: “It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this.”

Tokio Marine Kiln CEO Charles Franks stated: “Tokio Marine Europe S.A. will provide a long-term solution to the uncertain developments around Brexit, and the company will provide all brokers and coverholders with continued security and high service levels going forward.”

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The new insurance firm, which will be supported by the existing UK and EU group operations, will manage branches across Europe and write all business classes which are currently offered by Tokio Marine in Europe.

The new insurance firm is likely to commence operational during the second half of this year.

Earlier in September last year, Tokio Marine announced that the company is planning to establish insurance firm in Luxembourg to enjoy hassle free access to vast European market.