Howden, a UK-based insurance broker, has forayed into the Japanese market with the launch of Howden Re Japan.
The new venture will offer reinsurance brokerage services and strategic advice to both life and non-life companies in Japan.
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Kentaro Tada has been appointed as CEO of Howden Japan, tasked with driving the growth of Howden’s operations across the country.
Tada has served in senior roles in the reinsurance industry, including as the president and CEO of Rakuten General Insurance Company and Guy Carpenter Japan, as well as the president and CEO of SBI SSI Holdings.
Howden Re Japan aims to leverage data, analytics and capital markets expertise to provide tailored reinsurance solutions.
In conjunction with this move, Howden has invested in Keystone, a Japanese company specialising in Insurance-Linked Securities (ILS) structuring and capital markets advisory services.
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By GlobalDataThe demand for ILS services in Japan has surged due to the frequent occurrence of natural disasters and the resulting economic losses.
Additionally, there is a push to diversify capital sources and innovate in the reinsurance sector, Howden noted.
Howden CEO David Howden said: “It is hugely exciting moment for us as we enter the Japanese market, bringing a fresh, dynamic and entrepreneurial mindset underpinned by an employee ownership model that means we are driven to achieve more, collaborating across borders and specialisms to deliver for clients.
“This approach to client service and a commitment to long-term business relationships means we have many shared values with Japan’s corporate culture.”
Tada added: “This is the first step on a journey to establish Howden’s long-term presence in Japan. As a company, Howden is dedicated to improving disaster resilience and corporate sustainability, and Japan, as a country that faces significant risks from large-scale natural disasters such as earthquakes and typhoons, can benefit greatly from the specialist global expertise we bring.
“Japan’s risk environment is becoming ever more complex to navigate, with cyberattacks and geopolitical tensions also of concern to both domestic and multinational companies with operations in the country.”
Earlier this week, Howden signed an agreement for the acquisition of AGEO brokerage group, an employee benefits insurance broker based in Paris.
Founded in 1984 by Eric and Maryse Oziebala, AGEO caters to around 12,000 corporate and small and medium business clients with a team of 300 across 32 offices in France.
Besides employee benefits, AGEO’s expertise spans health insurance, policy administration, claims management, retirement and pensions services, and boutique property and casualty capabilities.
