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by : Alpha Insurance Analysts

On 18th November, Tokio Marine Holdings announced that it had incurred estimated net claims of USD 1.3bn following the recent floods in Thailand. The Thai operations are reinsured on a proportional basis with a significant share being retained through intra-group reinsurance arrangements, the balance is placed in the open market.

The retained share of the proportional treaty (being approximately 50% of the Group’s estimated net claims) is reinsured with Tokio Marine Kiln Syndicate 1880 as part of a programme of intra-group reinsurances. Syndicate 1880’s share of these claims is currently estimated to be USD 700m. The Syndicate 1880 claims have been fully funded in cash by Tokio Marine.

Tokio Marine Kiln Syndicate 1880 is wholly capitalised by Tokio Marine and has no third party names. In fulfilling its role as a retention centre for the international operations of Kiln’s parent, Tokio Marine & Nichido Fire Insurance Company Limited, the Syndicate reinsures many of the international subsidiaries of the Tokio Marine Group. Syndicate 1880 has a full parental guarantee which supports its funds at Lloyd’s.

Charles Franks, Chief Executive of Kiln Group, said: "Syndicate 1880 is doing the job it was created for. Acting as a retention centre for Tokio Marine's intra group reinsurances means that it will experience significant claims from Thailand.

"The estimated USD 700m claims incurred by Syndicate 1880 form a part of Tokio Marine's overall USD 1.3bn net loss for the Thai Floods. As would be expected for a group of this size, Tokio Marine leads the insurance programmes of many clients with manufacturing exposure in Thailand.

“Tokio Marine has transferred the full outstanding claims amounts, in cash, to ensure the Syndicate’s Funds at Lloyd’s (FAL) are made whole. Syndicate 1880 operates with a parental guarantee from the AA- rated Tokio Marine Group.”

Source : Kiln