Tokio Marine Group has received regulatory approval to establish a new subsidiary in Luxembourg as part of its plans to safeguard access to the EU following Brexit.

Tokio Marine Europe S.A., which has been authorised by the Commissariat aux Assurances (CAA) and the Japanese Financial Services Authority (JFSA), will operate as a Tokio Marine HCC subsidiary in partnership with Tokio Marine Kiln.

Thibaud Hervy, currently chief underwriting officer for specialty lines at Tokio Marine HCC, has been appointed as the CEO of the company.

The new company is expected to be “operationally ready” in the second half of this year.

Tokio Marine Group said that its new base in the Grand Duchy will ensure that, regardless of the outcome of current Brexit negotiations, it will be able to continue servicing its clients in the European Economic Area (EEA) and offer them stability through a seamless transition.

Tokio Marine HCC International CEO Barry Cook said: "It is important that Tokio Marine Group ensures that the relevant steps are being taken to allow the business to continue to grow throughout Europe. Setting up the Luxembourg company is a crucial step to achieving this."

Charles Franks, CEO of Tokio Marine Kiln added: "Tokio Marine Europe S.A. will provide a long-term solution to the uncertain developments around Brexit, and the company will provide all brokers and coverholders with continued security and high service levels going forward."