TMK aims to double size of Lloyd’s Asia portfolio

Tokio Marine Kiln is aiming to double the premium written through its Lloyd’s Asia operation in Singapore by 2027 as part of an ambitious growth drive under Asia Pacific regional manager Pavlos Spyropoulos.

The former Lloyd’s Asia CEO told The Insurer the carrier was looking to scale up premium volume to $200mn-$250mn by 2027 as part of its growth drive.

“This significant growth opportunity is on the back of the economic expansion we see in the region,” he said.

Tokio Marine Kiln’s Lloyd’s Asia operation currently writes a number of classes of business, with property direct and facultative a significant growth driver in its portfolio.

“Marine cargo is also a big growth area for us, while we started writing cyber from Singapore in August,” Spyropoulos said.

“We see considerable opportunity in cyber. Our focus is more on corporates, although we do back coverholders who do some personal lines and SME-type business.”

The carrier also writes accident and health, aviation, and political risk, trade credit, political violence and terrorism through its Lloyd’s Asia platform.

“There is increasing political risk out there. From a TMK perspective we see this as an opportunity. This has not historically been a big focus for us in Singapore but we are looking to grow now, so we don’t have a lot of historical exposure.”

The insurer’s current Lloyd’s Asia portfolio covers several countries within the region, with significant exposure in Australia, Taiwan and South Korea as well as the Southeast Asian economies that are driving growth in the region’s non-life sector.

“We have significant growth aspirations. We are trying to get the business to more than double in size and reach the $200mn to $250mn scale. We are looking to do this profitably – we are not just chasing top-line growth,” Spyropoulos said.