Japanese insurers seek new European bases to ready for BrexitStaff Writer | September 6, 2017
The U.K.'s decision to leave the European Union is prompting major Japanese nonlife insurers to look for new bases on the continent.
Insurance Searching for a base
Tokio Marine Holdings will set up a new company in Luxembourg by June 2018, to keep its EU operations going. Luxembourg, despite a population of only about 600,000, offers ample talent in the financial sector.
The new company will consolidate operations that are currently run by U.K.-based Tokio Marine Kiln and the London office of U.S. subsidiary Tokio Marine HCC, both specialty insurers.
Sompo Holdings is likewise considering Luxembourg as a candidate for its European base, which is currently located in London. The insurance group aims to establish the new company in 2018.
Mitsui Sumitomo Insurance, part of MS&AD Insurance Group Holdings, will move its European headquarters from London to Brussels by March 2018.
The Belgian capital was chosen in part because the Japanese company already has a presence there after acquiring U.K.-based insurer in Amlin in 2016.
Also encouraging the move is the decision by Lloyd's of London, the world's biggest insurance market, to set up a new EU base in Brussels. ■