Tokio Marine is looking for international growth
Japanese insurance giant Tokio Marine is looking for a significant increase in its overseas business over the coming years.
The company is looking to as much as double the proportion of business coming from areas such as the US and Europe.
Overseas business is forecast to represent approximately 13% of Tokio Marine’s revenues next year. It is looking to increase that to between 20% and 25% by 2010.
Its £442m acquisition of Lloyd’s insurer Kiln, which is expected to take effect during the first quarter of 2008, will play a significant role in reaching that target.
Tokio Marine will use Kiln as the base for its global underwriting operations. It plans to create a major underwriting platform for international commercial insurance and reinsurance in the UK, US, Continental Europe and Asia.
Recent years have seen Kiln expand internationally, opening offices in South Africa, Hong Kong Singapore and Belgium.
But it is US business that will be the prime target for Tokio Marine.
Closer to home, Tokio Marine’s international expansion has also focused on European and UK regional opportunities.
In the last year, its European commercial arm has tripled is UK regional offices, opening offices in Birmingham and Glasgow, to add it its site in Manchester.
