SYDNEY, July 01, 2019 (GLOBE NEWSWIRE) -- Tokio Marine Management (Australasia) Pty Ltd (TMMA) today announced it has acquired Accident and Health International Underwriting Pty Ltd (AHI), Australia’s award-winning specialist accident, medical and corporate travel underwriting agency.
The acquisition of AHI reflects the Tokio Marine Group’s efforts to further expand its operations in the Oceania region, and this business will align with TMMA’s strategy to grow selected specialty lines of business in the region.
“We are pleased to welcome AHI to the Tokio Marine Group. With AHI’s expertise 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,” said Shigekazu (Sean) Ueno, Chief Executive Officer of TMMA.
“AHI is looking forward to continuing our evolution with the support of the Tokio Marine Group. We’re excited about 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,” commented Danny Byrnes, Chief Executive Officer of AHI.
Since 2010, AHI performed well under the ownership of Insurance Australia Group Limited (IAG).
“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. We wish AHI all the best in its future strategy under Tokio Marine ownership,” stated Brad Robson, Executive Manager Broker and Agency at IAG.
TMMA is a wholly-owned subsidiary of Tokio Marine & Nichido Fire Insurance Co., Limited (TMNF) and the managing agent of TMNF Australasian branch operations. As a central member of the Tokio Marine Group of companies, TMNF was founded in 1879 as the first general insurance company in Japan and remains one of that country’s largest insurers. The Tokio Marine Group also has a significant international presence, now operating in 38 countries and regions across the globe.
TMNF is licensed to carry out general insurance business within Australia and New Zealand. Under the management of TMMA, TMNF has grown from its beginnings in Australasia over 50 years ago as a niche Japanese commercial insurer into a diversified operation offering a strong mix of commercial and personal lines. TMMA now has over 140 employees/representatives across offices in both Australia and New Zealand, with its headquarters in Sydney. TMNF enjoys financial strength ratings of “A+ (Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “A+ (Strong)” from Fitch Ratings.
| Contact: | Joaquim Smith, Company Secretary Tokio Marine Management (Australasia) Pty Ltd 61 2 9225 7565 |