HOUSTON, June 24, 2020 (GLOBE NEWSWIRE) -- Tokio Marine HCC (TMHCC) today announced it has partnered with International Finance Corporation (IFC), a member of the World Bank Group, along with five other global insurance companies to participate in IFC’s Managed Co-Lending Portfolio Program (MCPP), which is an innovative credit mobilization program designed to increase medium- and long-term lending by up to $5 billion to commercial banks and non-bank financial institutions in emerging markets.
“Tokio Marine HCC is proud to partner with IFC and participate in its MCPP, as its purpose aligns with our own values regarding corporate social responsibility and innovation within our industry. By contributing to the economic growth of small and medium enterprises in the world’s poorest countries, we are – in a very real way – able to leverage our expertise in underwriting specialty insurance to fight poverty,” said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer.
The MCPP centers around a new partnership model between development finance institutions and global insurance markets that provides customers with a source of longer-term loans than is generally provided by commercial banks by applying risk-bearing capacity and know-how of insurance companies like Tokio Marine HCC.
“We know the risks associated with political and economic instability, government interventions, and social and political discontent in emerging countries, and our international expertise in underwriting insurance designed to protect the financial losses arising out of credit and political risks lends itself well to a program like IFC’s MCPP,” explained Jerome Swinscoe, Chief Underwriting Officer 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 $32 billion as of March 31, 2020. 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 IFC
IFC – a sister organization of the World Bank and member of the World Bank Group – is the largest global development institution focused on the private sector in emerging markets. Working in more than 100 countries, it uses capital, expertise and influence to create markets and opportunities in developing countries. In fiscal year 2019, IFC invested more than $19 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information about IFC, please visit www.ifc.org.
| Contact: | Jerome Swinscoe, Chief Underwriting Officer |
| Tokio Marine HCC – Credit Group | |
| +44 (0)20 7648 1286 |