The Tokio Marine Group is to put its UK based company Tokio Marine Kiln Insurance (TMKI) into run off in a restructuring of its business.
Tokio Marine said in a statement: “ TMKI will stop accepting business from 1 July 2019, apart from Japanese accounts which will be unaffected until 1 January 2020 when they will be underwritten by TMK’s sister company Tokio Marine HCC (TMHCC).
"The company will ensure an orderly run-off and that all policies and valid claims are properly serviced.”
Instead Tokio Marine is to focus its London business on its three Lloyd’s syndicates. These are Lloyd’s syndicate numbers 510, 557 and 1880.
TMKI’s business includes a wide range of specialist lines of insurance including marine and cargo underwriting.
Tokio Marine Kiln chief executive Charles Franks put a positive spin on the decision. He said: “
"We will continue to pursue our strategy to grow our specialist classes profitably and efficiently, with the financial and global strength of Tokio Marine. We are committed to supporting our customers, brokers and employees through this change.”
As earlier reported by TradeWinds Tokio Marine Kiln had been at the centre of an alleged sexual harassment scandal at the Lloyd’s of London market.
