The Toa Reinsurance Company (Toa Re) yesterday announced that it is in the process of launching Toa Re Europe as a new underwriting platform to write European reinsurance business based in Zurich, under the leadership of Philippe Regazzoni as CEO.
The Toa 21st Century Reinsurance Company (TTFC), domiciled in Switzerland, a wholly owned licensed reinsurance subsidiary of Toa Re since 2002, assumes reinsurance from its parent.
Aiming to further develop its European portfolio currently written from Tokyo, Toa Re has decided to activate TTFC under the trading name “Toa Re Europe” to write third party business, in addition to existing business from its parent.
Toa Re Europe is now preparing for the launch, including hiring experienced underwriters and other professionals locally, obtaining credit rating and fulfilling regulatory requirements, said Toa Re in its announcement.
Toa Re, Japan’s primary professional reinsurer, was established in 1940. Toa Re is based in Tokyo with subsidiaries in New Jersey (USA) and Zurich (Switzerland). Increasing demand for reinsurance products in Asian countries prompted the reinsurer to expand its operations and establish branch offices in Singapore, Kuala Lumpur and Hong Kong.