Tokio Marine has opened a subsidiary in Labuan

Malaysian financial authorities granted license to the Japanese insurer Tokio Marine for the establishment of a new subsidiary in Labuan. The new entity, whose name is Tokio Marine Global Re Asia (TMG Re Asia), will start its underwriting during the January 1, 2013 renewal. Tokio Marine Global Re, whose headquarter is located in Dublin, has already underwritten Asian business from an entity located in Labuan. The latter’s portfolio will be transferred to TMG Re Asia while the former subsidiary will be merged into the new entity.