Tokio Marine Canada is expected to be incorporated in the second half of 2021 and should be operational by the first half of 2022.
It will be launched backed by CAD75 million.
This announcement comes at a time when Tokio Marine as a group has been focused on expanding the scale and profitability of its international business.
The Canadian P&C insurance market, ranked as the eighth largest in the world, constitutes an attractive environment for Tokio Marine.
The group already writes business in this market through the Canadian Branch of Tokio Marine & Nichido Fire Insurance and the Lloyd’s operations handled by its international subsidiaries.
It’s hoped this new company, along with the existing TMNF Canadian Branch and Lloyd’s operations, will enable the group to respond to a broader range of customers’ needs.
The group also hopes to build a platform able to realise mid to long term growth in the market, and achieve further profit growth as well as portfolio diversification of its international business.
Source: Reinsurance News
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