Swiss Re International SE Japan Branch (SRIJ), a member of Swiss Re Corporate Solutions, announced it has received a non-life insurance license from the Financial Services Agency (FSA) and started its operations on 1 April. The newly licensed branch will provide direct insurance to large corporate clients and offer a broad range of property and casualty industry-specific products, backed by the financial strength and expertise of the Swiss Re Group.
"While we share the pain and sorrow the Japanese nation has experienced as a result of the devastation caused by the massive earthquake and tsunami on 11 March, we would like to stress our firm commitment to providing long-term protection and capacity to corporate clients in Japan," said Juerg Stoll, SRIJ representative. "We are honoured to be one of the few new foreign companies in recent years to obtain a non-life insurance license in Japan. The license enables us to provide resources to Japanese corporate clients in response to developing corporate risk needs, especially when facing challenging circumstances such as the recent events."
As a local admitted insurer, SRIJ will support corporate clients in Japan with tailor-made solutions and capacity in areas such as Commercial Earthquake insurance and Commercial Liability protection. Combining the global resources of the Swiss Re Group with dedicated local expertise, SRIJ clients will benefit from its new products, stable capacity, underwriting expertise and global network.
SRIJ's broad range of industry-specific products and services for corporate clients in Japan mainly covers the following lines of business: Commercial Property, Stand-Alone Commercial Earthquake, General Liability, Product Liability, Directors & Officers Liability, Product Recall, as well as Engineering and Construction. Furthermore, SRIJ offers innovative risk transfer solutions such as Captive Retrocession and Multi-year programmes.
"Our offerings are expected to complement the existing products in the Japanese market," said Fred Kleiterp, Head of Europe, Middle East, Africa & Asia Pacific for Swiss Re Corporate Solutions. "We are committed to supplying long-term stable capacity in order to ensure adequate and sufficient insurance protection for our corporate clients' future needs, particularly after the devastating events the country has recently experienced. And when it comes, for example, to earthquake-related risks or increasing liability exposures such as global product liability or environmental impairment liability, SRIJ's presence will serve the Japanese commercial insurance market by better filling the gap between current and ideal protection levels."