Brexit: TOKIO MARINE received the regulators approval to transfer the portfolio to Lux entity

21 November 2018 —
TOKIO MARINE Group will transfer the existing portfolio of policies written out of Continental European operations to its newly established insurance company subsidiary, TOKIO MARINE Europe S.A. (TME), in preparation for the UK's exit from the European Union (EU).

The Group announced that it has received approval from the High Court of England and Wales to complete the Part VII process of its Brexit preparations. "Gaining approval from the High Court is a major step in securing our Brexit plans. Regardless of the outcome that may result from the Brexit negotiations, TME will be able to ensure that all brokers and clients continue to receive the highest level of service", said Thibaud HERVY, Chief Executive Officer of TME.

With financial strength ratings of "AA- (Very Strong)" from S&P Global Ratings, TME will be based in Luxembourg with various offices and branches in the countries where it is most active across the EU. TME will market its products under the "TOKIO MARINE HCC" brand.