Toa Re is preparing to launch a European operation in Zurich, under the leadership of former Amlin Re Europe CEO Philippe Regazzoni.
The Japanese reinsurer will use the new Swiss-based underwriting platform to write European reinsurance business, in a bid to expand its European portfolio currently written from Tokyo.
Regazzoni was CEO of Amlin Re Europe for five years, before leaving the carrier in 2015 to work as an advisor to new businesses in the reinsurance industry. Prior to that, he was a managing director at Swiss Re.
The company said that it is currently in the process of hiring a team for the operation and obtaining credit rating and fulfilling regulatory requirements.
Toa Re already has a wholly licensed reinsurance subsidiary in Switzerland, The Toa 21st Century Reinsurance Company Ltd. (TTFC), which was established in 2002 to assume reinsurance from its parent.
It will repurpose this entity under the trading name “Toa Re Europe” to write third-party business, in addition to existing business from its parent.
The Japanese reinsurer has recently been making inroads internationally as it looks to grow and diversify its portfolio outside of Japan. In October, Toa Re received “in principle” approval from Lloyd’s to establish Special Purpose Arrangement (SPA) 6132 in partnership with Barbican.