Tokio Marine
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Combined ratios have improved as prices rise and investments return to profit.
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The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
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The companies account for ~70% of GHG emissions in its portfolio.
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Vivek Syal will become CUO of Tokio Marine Kiln in April.
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ERS 218 reported a 3.4% return on its £48mn capacity.
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The firm has laid out five reforms to hold itself, and its subsidiaries, accountable.
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Irick moves into a group role, with current CUO Shaw stepping up.
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The carrier also benefited from strong underwriting and investment results.
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Scor’s Nicola Hannay has been appointed head of power generation.
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The marine market has had several new MGAs launch into the sector.
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The transition is expected to be completed shortly after Q1 2024.
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The resignations will see Russ and Davidson reunited with fellow Axa XL alumnus Mark Hutton, who joined Tokio Marine HCC as head of crisis management last year.
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The carrier has made numerous energy and power appointments in recent months.
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The global segment leader for power generation moves to Tokio Marine HCC soon after his colleague Nicola Hannay.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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Robert O’Leary, managing executive officer at Tokio Marine Holdings, has resigned from the company.
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Tokio Marine HCC restructured its marine, energy and renewables division earlier this year.
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It is understood that Hutton has resigned from his previous role as global product head of product recall at Axa XL after six years with the carrier.
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The carrier’s overseas unit benefited from improved underwriting and the reversal of Taiwanese Covid-19 impacts.
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Carr has spent over 20 years in the market, holding several leadership positions at Tokio Marine HCC, Axis and others.
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Leahy joins the carrier after just over a year at TMK as divisional head of airline.
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Ellen White, underwriter on the product recall team, is due to succeed Michael Crabtree following his departure.
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Insurance Insider has compiled a bite-sized wrap-up of the exclusive news stories and CEO interviews from this year's Monte Carlo Rendez-Vous.
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Former Tokio Marine Kiln (TMK) reinsurance heads Will Curran and David Huckstepp are testing the water for an underwriting start-up, this publication can reveal.
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The carrier is one of a number of small firms with heavy concentration in Hawaii.
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The carrier reported increased premiums of 658.7bn yen for its non-life segment.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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Carr also works as the chair of the Lloyd’s Market Association Joint Liability Committee.
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Sources said the Japanese insurer will pull back from the California personal auto market in June 2025 as it is set to exit the state’s admitted personal lines market on June 1, 2026.
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The firm has also appointed Moore and Bye as cyber underwriters in London and Singapore.
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Plus all the latest executive moves and the top news from the week.
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Tokio Marine has told cedants that it will discontinue its aviation retro book as the effects of the mammoth Boeing loss continue to ripple through the market, this publication can reveal.
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The division, which previously was a part of TMK’s specialty unit, will consist of cyber, technology and intellectual property specialisms.
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A string of insurers has abandoned the alliance after Munich Re announced its departure at the end of March.
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The international segment booked a 105bn yen Taiwanese Covid loss, offset by strong growth in North America.
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Ben Kinder, the recently appointed CUO of marine, energy and renewables, will lead the consolidated team.
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Larger wind turbines are driving up the cost of claims in the renewables sector.
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Lessor WWTAI is also pursuing the claim via clause AVN67B, naming the Russian insurers of the airlines in possession of its aircraft.
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The underwriting head joined RJ Kiln in 2001.
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Karen Crowley joins from Atradius and Arwel Roberts from Coface.
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Will Green will report to head of aviation David Slevin, as well as Lisa Leahy, head of airlines, and Graham Oddie, head of general aviation and aerospace.
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As Adidas terminated its partnership with Kanye West following his antisemitic tweets, it projected a loss that signalled why insurers should be pushing the need for brand reputation insurance.
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TMK already writes a book of specialist regional cargo business out of Singapore, and backs cargo MGA Loadsure.
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The carrier was impacted by Covid-19 in Taiwan and Japan, as well as natural catastrophes.
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Vanesa Herrero will step into the CEO role following the departure of Christian Kanu.
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The European and North American units booked profits for the period, while the Asia and Oceania segment registered a heavy loss.
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Intact financed the acquisition of the US builders risk portfolio through a $188mn term loan that was repaid before quarter-end, according to its Q3 statements.
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Steven Farr has worked at Axa XL since 2007, then the Catlin business, holding a string of increasingly senior energy underwriting positions.
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Kirsten Shastri will help Tokio Marine Kiln to build out its life sciences book of business as it looks to expand in the sector.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The former reinsurance leader’s exit from treaty highlights wider pressures on the market.
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Underwriters in both London and Singapore are in discussions with the company.
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TMHCC increased profit by 48% but the European segment recorded a loss due to a provision for losses from the Ukraine conflict.
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The incoming non-executive director was previously managing director of QBE Europe’s French branch.
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The renewables insurer has also promoted Josh Shimali to the position of head of onshore underwriting.
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The manufacturer suffered heavy damage to its Prospecton factory in April.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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The construction book will be absorbed into Intact Specialty, with the carrier providing the paper for the newly purchased book.
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The appointment comes after head of marine property and war Richard Tomlin exited the carrier in March.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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The segment recovered after Covid-19 impacts and remedial work at Tokio Marine Kiln.
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He replaces Alex Dugand, who is returning to London to work as international development officer for the company.
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The withdrawal of insurance coverage provided by subsidiary The Bond & Credit Co was linked to the collapse of the supply-chain finance firm.
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Lisa Leahy will be reunited with former colleague and TMK’s divisional head of aviation, James Walker, in her new role.
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The Lloyd’s business is drawing on TMHCC to advise on the future of its reinsurance book.
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The insurer has split its existing team in two, creating dedicated teams for TRI in North America and across Europe, Asia and the Pacific.
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The international segment booked 47bn yen in cat losses including Ida and Uri.
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In the past year, criminals held more than $600mn in ransom, stole millions of citizen records, compromised a billion airline-passenger details and threatened the IT operations of 40,000 businesses.
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Convex was one of the carriers to enter the contingency market following the major Covid-19 loss event.
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"I want it to be almost embarrassing for Lloyd’s not to give us light-touch [status] because our results are so good,” CEO Brad Irick told this publication.
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The business wrote £1.7bn in gross written premium across syndicates 510 and 1880 for 2021.
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Tokio Marine & Nichido Fire Insurance Co also plans to join the partnership for Carbon Accounting Financials initiative.
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Industry veteran Rick Girden runs the construction portfolio, which is projected to grow to $200mn this year.
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The Japanese carrier expanded international premiums by 14.4% in the hardening market.
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The pair have created a ‘carbon risk rating’ for customers that underwriters can use when considering the impact of each policy.
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The underwriter has more than 36 years’ experience and has previously worked at Hiscox and Faraday.
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A new CEO is coming from the US to run the unit involved in the carrier’s coverage of Greensill Capital, which was withdrawn prior to the supply chain finance firm’s collapse.
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The update adds further restrictions for coal reliant businesses and offers exemptions for companies which show initiative in helping to fight climate change.
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The carrier’s Singapore business has become the latest insurance company to be impacted by cyber criminals.
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Benjamin Faubert will write a combination of credit and political risk insurance for clients in the EEA region.
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TMHCC booked a combined ratio of 87.4% following improvement in the carrier’s North American business.
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The consortium, understood to have a limit of $30mn, is targeting mid-market business.
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The carrier said the appointments will help the insurer "grow its presence within the UK broking market”.
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The Insure Our Future network is due to hold “physical and digital actions” in Japan, South Korea, the UK and the US.
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The carrier reported a full-year Covid-19 underwriting impact of 60bn yen for the international business.
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A new framework devised by the carrier shows hidden cyber exposures across contingency, property BI, A&H and property covers.
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The Lloyd’s broker plans to establish additional regional offices.
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The Japanese carrier seeks to allay fears of higher-than-indicated losses arising from the collapse of the supply chain financier.
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The announcement came after Australian Securities and Investments Commission said it had been investigating insurers’ exposure.
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An “internal lapse” reportedly means cover from key reinsurers won’t kick in.
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The former Corporation chief technology officer will report to Thibaud Hervy.
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QBE is said to be a fourth potential bidder.
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The Japanese insurer said that its remaining exposure to the business is mostly covered by reinsurance.
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Earnings at the international non-life business also halve as EMEA operations swing to a 12.5bn yen loss.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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