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Tokio Marine Kiln (TMK) is closing down its Hong Kong office with immediate effect, the specialist insurer revealed in a statement.
According to the company, the decision was made after re-assessing the challenging market for the engineering, marine cargo, and marine liability lines written out of Hong Kong. These conditions have made the cost of maintaining the office unsustainable, it said.
TMK will make arrangements over the next six months to ensure the orderly runoff of the business.
The move is part of TMK’s reorganisation of its Asian operations, which are primarily based in Singapore. With the closure of the Hong Kong office, the firm’s location in Shanghai becomes its sole supporting office.
“Our Hong Kong team have all made huge contributions to our efforts in Asia and we will do all we can to support them through this difficult time,” said Charles Franks, group CEO of Tokio Marine Kiln. “We remain, however, firmly committed to our Asian strategy and our Singapore and Shanghai offices will continue to operate and pursue their respective growth strategies; focusing on accident & health, aviation, marine cargo, trade credit, political risks, property, agriculture treaty reinsurance, and property treaty reinsurance business throughout Asia.
“We also appreciate the dedication of our Singapore and Shanghai teams as they continue to support our ambitions in the region. They will help to manage the runoff of the Hong Kong business in a professional and organised way.”
