Bermuda-based reinsurance group Tokio Millennium Re (TMR) has begun underwriting in Australia following approval from the Australian Prudential Regulation Authority (APRA).

The company will underwrite non-catastrophe products including motor, property and general third-party liability to complement its existing catastrophe book of Australian-based clients.

MD Russell Brooke told insuranceNEWS.com.au the new branch has been capitalised with $80 million of assets in Australia.

The company has an AA- rating from Standard & Poor’s and shareholders’ equity of more than of $1.2 billion. Mr Brooke says this makes the new branch “one of the top four APRA-approved reinsurers in Australia”.

A career-long reinsurance specialist, Mr Brooke was formerly the COO of Ariel Re in Bermuda.

He says TMR Australia “will remain very focused on property and casualty treaty business for Australia and NZ”.

All risks underwritten by TMR will be bound by the Australian company, which is now recruiting underwriters in the local market.