Tokio Marine Group has received approval from the High Court of England and Wales to complete its Part VII transfer ahead of Brexit.
The insurer will now start transferring the existing portfolio of policies written out of Continental European operations to its newly established insurance subsidiary Tokio Marine Europe (TME) in Luxembourg.
Tokio Marine Brexit
TME CEO Thibaud Hervy said: “Gaining approval from the High Court is a major step in securing our Brexit plans.
“Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service.”
The business transfer aims to ensure the process runs smoothly for brokers and clients, maintaining ‘business as usual’, contract certainty and coverage continuity.
Earlier in May 2018, Tokio Marine obtained approval from Luxembourg’s insurance regulator and the Japanese Financial Services Authority for its Luxembourg subsidiary.
In September last year, Tokio Marine revealed its plan to establish Tokio Marine Europe in Luxembourg for writing European business post-Brexit.
After that, both Tokio Marine HCC and Tokio Marine Kiln have been working in partnership to set up TME.
Tokio Marine HCC International CEO Barry Cook and Tokio Marine Kiln CEO Charles Franks said: “At the forefront of our thoughts through all of this hard work has been the need to maintain high customer service for all policyholders and brokers. Succeeding with the Part VII transfer marks a major milestone for all involved.”