Tokio Marine
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The outgoing finance chief will continue advising the carrier for two years after she steps down.
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Earnings at the international non-life business also halve as EMEA operations swing to a 12.5bn yen loss. -
AM Best said the upgrade partly reflected the company’s increasingly strategic role within the Delphi Financial and Tokio Marine group.
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The Tokio Marine HCC MGA takes Zoe Massie from AGCS and confirms the hire of Talbot’s Joshua Cantwell.
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The insurers say they are not liable for Hertz’s defense costs from a 2014 regulatory probe.
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The insurer wrote an excess casualty policy for the ride-share company in 2014.
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He noted that D&O, E&S and event cancellation are areas that could be particularly impacted.
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The deal comes as renewable energy rates continue to harden.
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Earnings decline in the international non-life business of the Japanese carrier.
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The ratings for HCC were lowered to A+ from AA- following the acquisition's close.
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The Japanese group’s shares in the reinsurer were worth about $333.9mn at Monday close.
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The executive’s departure after 11 years at the helm of TMK was first announced in September.
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