September 6, 2017 / 6:32 AM / 2 years ago

Tokio Marine to set up insurance company in Luxembourg to cope with Brexit

LONDON (Reuters) - Tokio Marine (8766.T) is applying for regulatory approval to set up an insurance company in Luxembourg to continue servicing European clients after Brexit, it said on Wednesday.

The Japanese insurer aims to set up the company in the first half of 2018 to enable Tokio Marine HCC and Tokio Marine Kiln to start writing business, including with Japanese customers, it said in a statement.

“Post-Brexit, Luxembourg is likely to become an important market place for property and casualty insurance in Europe and we are looking forward to contributing to that new development,” Barry Cook, chief executive of Tokio Marine HCC International Holding, said.

Tokio Marine Kiln also has a Lloyd’s of London platform, which will operate through Lloyd’s planned subsidiary in Brussels.

Reporting by Carolyn Cohn; Editing by Rachel Armstrong

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