HOUSTON, Aug. 23, 2022 (GLOBE NEWSWIRE) -- Tokio Marine HCC (TMHCC), headquartered in Houston, Texas, today announced that it and Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) have partnered with Asian Development Bank (ADB), along with four other global insurance companies, to participate in ADB’s new framework credit insurance program, covering loans to financial institutions and increasing lending capacity by $1 billion in the Asia-Pacific region. The Tokio Marine Group is the only program participant headquartered in this region and will provide the largest portion of capacity.
The Asia-Pacific region accounts for more than one-third of the world's GDP, and while it plays an important role in the global economy, it also faces a wide range of social issues such as poverty. ADB has been working to resolve such social issues through funding, knowledge and technology, as well as promoting local policies consistent with major international programs such as the United Nations’ Sustainable Development Goals and the Paris Agreement.
“Tokio Marine HCC is pleased to partner with ADB and offer our underwriting expertise to a program that increases lending in ways which help elevate some of the poorest people in Asia-Pacific. ADB’s corporate social responsibility endeavors are closely aligned with our own Good Company vision and efforts. At Tokio Marine HCC and throughout the Tokio Marine Group, we are committed to a safe, secure and sustainable future for all,” said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer.
ADB’s program utilizes credit insurance, which covers losses in the event of non-payments by borrowers under loan agreements, to cover its loans to financial institutions meeting certain criteria over the next three years. The program will enable ADB to mitigate its credit risk exposure and provide additional funding to organizations throughout the Asia-Pacific region. At the same time, the program gives TMHCC and TMNF the opportunity to address social issues in this region by promoting access to financial services, increasing job creation, expanding access to housing and advancing gender equality.
“With the international expertise necessary to underwrite insurance designed to protect against financial losses originating from credit and political risks, Tokio Marine HCC is well positioned to support ADB’s credit insurance program. We know the risks related with political instability, economic uncertainty, government interventions and social discontent,” added Jerome Swinscoe, President of Tokio Marine HCC – Credit Group.
About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $39 billion as of June 30, 2022. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from A.M. Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
About Tokio Marine & Nichido
Tokio Marine & Nichido is a member of the Tokio Marine Group. Founded in 1879 and headquartered in Tokyo, Japan, Tokio Marine & Nichido is a leading insurance group with a global network of offices. Tokio Marine & Nichido has financial strength ratings of ‘A++’ (Superior) from A.M. Best, ‘Aa3’ (Superior) from Moody’s and ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine & Nichido in the marketing name for Tokio Marine & Nichido Fire Insurance Co., Ltd. For more information about Tokio Marine & Nichido, please visit https://www.tokiomarine-nichido.co.jp/en/.
About ADB
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region. For more information about ADB, please visit www.adb.org.
| Contact: | Jerome Swinscoe, President | |
| Tokio Marine HCC – Credit Group | ||
| +44 (0)20 7648 1286 |
