TMK launches new specialty reinsurance division

TMK launches new specialty reinsurance division | Insurance Business Australia

Insurance News

TMK launches new specialty reinsurance division

New head also appointed

Insurance News

By
Kenneth Araullo

International specialist insurance underwriter Tokio Marine Kiln (TMK) has announced the formation of a new specialty reinsurance division as part of its strategy to drive growth and diversification.

Phil Taylor (pictured above) will lead the new division as head of specialty reinsurance. Taylor, who brings over 25 years of experience in underwriting and broking, has previously held roles at Everest, Liberty Specialty Markets, Novae, and Aon. His focus will be on expanding TMK’s global specialty reinsurance portfolio, with his official start at the company scheduled for early 2025.

Vivek Syal, chief underwriting officer at TMK, commented on the appointment, stating that TMK’s reinsurance expertise is widely recognized in the market, and the company is well-positioned to grow its portfolio.

“Phil is an exceptional underwriter and business leader, and I’m delighted to bring him on board to work with our heads of underwriting to expand our presence in this strategically significant class and provide an outstanding service to our clients,” Syal said.

TMK said that Taylor’s role will be central to the company’s efforts to enhance its global reinsurance offering as it continues to pursue growth opportunities in the specialty market.

Meanwhile, parent company Tokio Marine also recently reported higher fiscal first-quarter profit, driven by improved underwriting results and stronger investment income in its international segment.

In its financials, Tokio Marine noted higher gains from the sale of business-related equities, which were partly offset by adverse natural catastrophe effects, including hail damage in Hyogo, Japan, and an increase in auto loss costs in the Japanese property/casualty business.

For the fiscal first quarter ending June 30, net income attributable to owners of the parent group rose to ¥197.3 billion ($1.37 billion) from ¥127.9 billion a year earlier.

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