Global insurance group Tokio Marine plans to expand its international reinsurance and large commercial property operations, including opening a new reinsurance office in Australia.

The company will unify its international reinsurance operations under the existing Tokio Millennium Re (TMR) brand.

CEO Tatsuhiko Hoshina says the company has appointed former Bermuda-based Ariel Re COO Russell Brooke as the head of the new Australian branch, and plans to open the Sydney office in time for the January renewal season.

“The new office will provide catastrophe and non-cat reinsurance products such as motor, property and general third-party liability,” he told insuranceNEWS.com.au.

“We have existing catastrophe program relationships with a number of clients in Australia and would like to expand this relationship by providing other non-cat products.”

Mr Hoshina says Australia is a growing market. Many of the reinsurance programs are placed within the local market and do not come to the London or Bermuda market. “So the only way to have access was to set up an entity.”

The company says the new structure will assist Tokio Marine’s strategy of profitable international expansion and enable it to capitalise on “fast-growth regions” outside Japan.