Tokio Marine Canada (TMCAN) officially launched in Canada in the second quarter of 2022. This P&C insurer is a subsidiary of the Tokio Marine Group, one of the largest insurance companies in the world.
CEO Mike George previously worked at Trisura for more than 13 years. In his message on the TMCAN’s home page, he says the insurer promises to be “a good company.” It wants to deliver on the promise of its guarantees, which is to be there to support its customers in their times of need.
TMCAN intends to add new capacity in P&C insurance, which is welcome news for brokers who have been complaining lately about the tightening of the P&C market, particularly on the commercial side. Its products will be distributed through brokers exclusively.
The new insurer offers commercial property insurance, professional liability (E&O) and directors and officers (D&O), cybersecurity, surety, group insurance and other solutions, in addition to facilitating the insurance needs of the group’s other subsidiaries across the country.
The Senior Vice President of Professional Lines is Elizabeth Diotte, who formerly acted as Chief Operating Officer of La Mutuelle des municipalités du Québec. Diotte, who joined TMCAN in fall of 2021, has over 25 years of experience, including more than 20 years at Travelers Canada.
A Canadian presence dating back over 60 years
Tokio Marine has been offering products to global Japanese customers since the late 1950s through the subsidiary Tokio Marine & Nichido Fire. The insurer’s Canada branch partners with Northbridge Financial to distribute its products in the country, a relationship that will continue unchanged.
Two other sister companies of the Japanese group already operate in Canada: Tokio Marine Kiln and Tokio Marine HCC. They place their risks in Canada through Lloyd’s of London. The three companies will continue to operate separately.
The company obtained its letters patent from the Office of the Superintendent of Financial Institutions (OSFI) in 2021, and is awaiting its licences from the provincial regulators.
The Insurance Bureau of Canada (IBC) announced on July 18 that TMCA recently joined its membership.