Tokio Marine Management (Australasia) Pty Ltd (TMMA) today announced it has acquired the Bond and Credit Company (BCC). BCC is a specialist product insurance underwriting agency with a product offering comprised of surety bonds and trade credit insurance. The business produced gross written premium of A$36 million in the financial year ending June 30, 2018. BCC employs 24 people and has offices in Sydney and Melbourne.
The acquisition of BCC reflects the efforts of the Tokio Marine Group to continue their expansion of operations in the Oceania region, and the business will align with TMMA’s strategy to grow selected specialty lines of business in the region.
“We are pleased to welcome the Bond and Credit Company to the Tokio Marine Group. With BCC’s underwriting expertise and Tokio Marine’s financial strength and global reach, this acquisition presents exciting opportunities for the group to grow and expand these lines of business across the Oceania region and other areas in the future,” said Shigekazu (Sean) Ueno, Chief Executive Officer of TMMA.
“With much enthusiasm and excitement, the BCC team joins the Tokio Marine group of companies. We look forward to building our business with the support of Tokio Marine,” commented Toby Guy, Executive Director of BCC.
“Our acquisition by Tokio Marine marks a new chapter for the Bond and Credit Company, allowing us to do even more of what we do best – offering truly innovative products to the trade credit and surety markets,” commented Scott Newland, Executive Director of BCC.
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 currently has over 90 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