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Tokio Millennium to expand into non-cat lines in 2010

Tokio Millennium Re (TMR) is set to become the latest specialist Bermudian catastrophe reinsurer to diversify into new business lines at the 1.1 renewals, The Insurance Insider can reveal.

Market sources have suggested that TMR will be expanding cautiously, targeting existing North American clients and looking to write proportional and per risk property reinsurance as well as workers compensation and other casualty lines.

The Insurance Insider understands that the Tokio Marine group company has already hired one key member of staff to spearhead the underwriting expansion, with at least one other currently pending approval.

Market observers have noted that particularly for North American casualty lines there is a dearth of suitably rated potential reinsurers - TMR is highly rated at A+ by AM Best and AA by Standard & Poor's and as such would constitute preferred security for cedants.

With the September completion of takeover of IPCRe by Validus and RenaissanceRe's diversification into specialty and casualty lines as well as into Lloyd's, TMR's move signals a further death knell to the Bermudian cat monoliner model.

Founded in 2000 Tokio Millennium wrote $370mn in premiums in 2008 and entered 2009 with $1,054mn shareholders' equity on its balance sheet.

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