Japanese insurance firm Tokio Marine has received regulatory approval for a European headquarters in Luxembourg Creative Commons licence

Japanese insurance firm Tokio Marine has received regulatory approval for a European headquarters in Luxembourg Creative Commons licence

The firm confirmed the announcement in a statement published on 9 May in which it said that the Commisariat aux Assurances and Japanese Financial Services Authority had both given regulatory approval.

The new company, Tokio Marine Europe, is expected to be operational in the second half of 2018.

“Insurance product and service offerings to current and potential clients in EU countries will remain intact,” the statement said, adding: “The EU is a very important market for Tokio Marine. Therefore, by further utilising the Group’s expertise and know-how on insurance business, as well as the financial stability of the new insurance company, Tokio Marine aims to provide high quality products and services that meet customer needs.”