Japanese insurance company Tokio Marine Holdings has signed a definitive agreement to sell its US-based subsidiary Tokio Marine Pacific Insurance (TMPI) to Calvo Enterprises. 

TMPI offers medical and property/casualty insurance underwriting support to its customers in Guam and the Northern Mariana Islands with the help of its managing general agents.

During FY2022, TMPI recorded written premiums of nearly JPY23.4bn ($176m) and has been engaged in the gradual expansion of its business.

The completion of this transaction is subject to certain regulatory approvals. It is expected to close in the second half of the current fiscal year.

The insurer said that it agreed to sell TMPI to Calvo after they showed a “keen interest” in TMPI’s business portfolio. Calvo is also TMPI’s managing general agent.

This decision to divest TMPI is also in line with Tokio Marine Holdings’ efforts to improve its capital efficiency, risk diversification and portfolio optimisation.

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The company said it will continue to review its business portfolio in response to the changes in market conditions, as well as to ensure strategic capital utilisation and effective risk control.

Tokio Marine Holdings confirmed that the TMPI divestment deal will not have any material impact on its overall business performance.

This deal will also have no effect on the local affiliated hospital service provided by TMNFiv, as it will continue to provide overseas travel accident insurance.

In another development, Tokio Marine HCC – Public Risk Group has finalised an agreement to acquire renewal rights to Intact Insurance Group’s FirstFire portfolio.

The FirstFire policies are designed to protect professional fire departments, volunteers, emergency responders and municipalities by providing property and casualty insurance, as well as risk management solutions.