Howden enters the Japanese market with the launch of Howden Re | Insurance business America
The company also announced an ILS partnership
reinsurance
By Kenneth Araullo
Global insurance group Howden has announced its entry into the Japanese market with the launch of Howden Re Japan Ltd and a partnership with Keystone ILS Capital.
The new company will provide reinsurance brokerage services and strategic advice leveraging data, analytics and capital markets expertise to the Japanese market.
As part of the launch, Howden has appointed Kentaro Tada (pictured above) as CEO of Howden Japan. Tada, who will oversee the strategic growth of Howden’s operations in Japan, has previously held senior positions including president and CEO of Rakuten General Insurance Company, president of Guy Carpenter Japan and president and CEO of SBI SSI Holdings.
To enhance its reinsurance services in Japan, Howden has also invested in Keystone, a Japanese insurance-linked securities (ILS) structuring and capital markets advisory firm.
Demand for ILS services has increased significantly in the region due to natural disasters and economic losses, as well as the strategic need to diversify capital sources. The industry continues to seek innovation in reinsurance solutions, and underinsurance of earthquake risks remains a significant problem, contributing to Japan’s $30 billion natural disaster coverage gap.
Tada said this move marks the beginning of Howden’s long-term presence in Japan.
“As a company, Howden is committed to improving disaster resilience and business sustainability, and Japan, as a country exposed to significant risks from major natural disasters such as earthquakes and typhoons, can benefit greatly from the global expertise we bring. The risk environment in Japan is becoming increasingly complex, and cyberattacks and geopolitical tensions are also a concern for both domestic and multinational companies with operations in the country,” Tada said.
Shinji Yamamoto, CEO of Keystone ILS Capital, also called the significant economic losses caused by major natural disasters in Japan a critical social issue.
“Keystone ILS Capital is focused on facilitating the international diversification of these risks through insurance-linked securities transactions. Our partnership with Howden enables Keystone ILS Capital to offer comprehensive services tailored to the diverse needs in Japan, which we see as a critical step forward in addressing these pressing issues,” said Yamamoto.
Howden CEO David Howden described entering the Japanese market as an exciting development for the company.
“This approach to customer service and commitment to long-term business relationships means we share many common values with Japanese business culture,” Howden said. “With the appointment of Mr Tada, who has extensive industry experience, Howden is perfectly positioned to provide innovative and resourceful risk solutions to our Japanese clients. And by bringing new opportunities to one of the world’s largest and most advanced economies, I look forward to a new chapter for the Japanese insurance market.”
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2024-07-03 13:30:00
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