Major nonlife insurer Tokio Marine Holdings says it will establish a new company in Luxembourg around June 2018 to prepare for Britain's exit from the European Union.
Rivals Sompo Japan Nipponkoa Insurance and Aioi Nissay Dowa Insurance are considering similar moves, reported Jiji Press.
The EU has a single passport system under which a financial institution is allowed to operate in all EU states once it obtains a business licence in a member nation. Tokio Marine has so far used the single passport rights obtained by British subsidiaries. It hopes to acquire such rights through the planned Luxembourg company ahead of the British exit.
Sompo Japan and Aioi Nissay, whose operations in the EU are supervised by British units, are considering establishing new companies in Luxembourg in 2018.