Tokio Marine Kiln (TMK) has announced a reorganisation of its Asian operations based primarily in Singapore and currently with supporting offices in Hong Kong and Shanghai.
TMK will be closing its Hong Kong office with immediate effect and making arrangements over the next six months for the orderly runoff of the business.
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, TMK says in a statement.
Mr Charles Franks, Group CEO, 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 willcontinue 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.”
TMK, which is part of one of the world’s largest insurance groups, Tokio Marine, operates in the Lloyd’s and Company markets. It benefits from exceptional financial strength with Standard & Poor’s ratings of A+ attributed to its Company platform and its four managed syndicates at Lloyd’s.