Tokio Millennium Re A.G., a Zurich-based subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd., on Wednesday said it will open a U.S. branch focusing primarily on noncatastrophe risks.
Tokio Millennium Re has established a management company for the U.S. branch operations, TMR Management Inc., in Stamford, Connecticut, the reinsurer said in a statement.
The New York State Department of Financial Services has issued a license to the U.S. branch, according to the statement.
“The U.S. branch aims to have our 'feet on the ground' to broaden access to our U.S. cedents and brokers and will position us well for the future growth in the U.S. reinsurance market,” Tatsuhiko Hoshina, CEO of Tokio Millennium Re, said in the statement.
Mr. Hoshina will lead the U.S. branch in Stamford while maintaining a presence in Bermuda as group CEO, according to the statement.