Tokio Marine HCC has established a new subsidiary in Mexico to provide surety bonds to Mexican-domiciled organisations.

Known as Tokio Marine HCC Mexico Compania Afianzadora, the new entity will also enable Tokio Marine HCC – Surety Group to generate business for customers in the US, Japan, Europe and other countries with surety needs in Mexico.

Francisco “Pako” Barajas Aguilera has been appointed as CEO to spearhead the Mexican subsidiary. He has more than 30 years of surety experience in the Mexican market.

Before joining Tokio Marine HCC, Barajas supervised the surety operations of Chubb de Mexico, Compania Afianzadora, S.A. de C.V.

He will be assisted by COO Carlos Mireles, chief underwriting officer Rocio Sosa, chief claims officer Carlos Huacuja, and operations manager Irma Raya.

Barajas will report to Adam Pessin, CEO of Tokio Marine HCC – Surety Group.

Barajas said: “Tokio Marine HCC’s financial strength and international surety expertise provides us with an excellent platform to grow a best-in-class Mexican surety business.”

Pessin added: “We are excited to form TMHCC Mexico and delighted to have such an experienced and capable team led by Pako.  This expansion into Mexico will broaden our surety footprint and complement our already strong worldwide surety portfolio.”

Tokio Marine HCC has headquarters in Texas. It has offices in the US, the UK and Continental Europe.

Tokio Marine HCC is a member of the Tokio Marine Group, a global company founded in 1879 with a market capitalisation of $34bn as of 31 December 2018.