Tokio Marine Management Australasia (TMMA) has announced it has acquired specialist underwriting agency Accident and Health International Underwriting (AHI), in a bid to expand its operations in the Oceania region.
According to TMMA, the move will align with its strategy to grow selected specialty lines of business in the region.
“With AHI’s expertise in underwriting accident, medical and corporate travel products and Tokio Marine’s financial strength and global reach, this acquisition presents attractive opportunities for the group to grow and expand these lines of business across the Oceania region and beyond,” TMMA chief executive officer Shigekazu (Sean) Ueno said.
Meanwhile, AHI chief executive officer Danny Byrnes noted they are looking forward to the renewed focus that will come from Tokio Marine’s growth strategy and experience managing niche agencies.
“Our customers and broker network will benefit from Tokio Marine’s experience in travel and personal accident insurance, while knowing that they’re still working with a trusted, long‐term partner, a highly respected brand, and the market leading propositions offered by AHI,” he added
AHI has been under the ownership of Insurance Australia Group Limited (IAG) since 2010.
“While IAG has enjoyed a rewarding partnership with AHI, we recognised there is an opportunity for AHI to expand beyond IAG’s focus of Australia and New Zealand and that Tokio Marine is a more natural owner of AHI to support its growth ambitions,” IAG executive manager broker and agency Brad Robson added. “We wish AHI all the best in its future strategy under Tokio Marine ownership.”
