London-based specialist insurance company Tokio Marine Kiln (TMK) has overhauled its Asian operations. The Tokio Marine reorganisation has led to shutterings.
As a result, the company has closed down its Hong Kong office with immediate effect.
“This decision has been made after re-assessing the ongoing, challenging market for the Engineering, Marine Cargo and Marine Liability lines written out of Hong Kong which have made the cost of maintaining the office unsustainable,” the company said in its statement.
Tokio Marine reorganisation
Over the next six months, the insurer will make necessary arrangements for the systematic runoff of the business.
Asian operations of TMK are based mainly in Singapore while supporting offices are located in Hong Kong and Shanghai.
Tokio Marine Kiln group CEO Charles Franks said: “Our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time.
“We remain however, firmly committed to our Asian strategy and our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies; focusing on accident & health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance and property treaty reinsurance business throughout Asia.
“We also appreciate the dedication of our Singapore and Shanghai teams as they continue to support our ambitions in the region. They will help to manage the runoff of the Hong Kong business in a professional and organised way.”