Tokio Marine HCC has established a new subsidiary Tokio Marine HCC Mexico Compañía Afianzadora (TMHCC Mexico) to provide surety bonds to Mexican organisations.
Tokio Marine HCC stated that its new subsidiary will also enable Tokio Marine HCC – Surety Group to produce business for customers in the US, Japan, Europe and other countries worldwide with surety needs in Mexico.
Francisco Barajas Aguilera has been appointed as the CEO of TMHCC Mexico. Barajas Aguilera has more than three decades of surety experience in the Mexican market. Prior to joining Tokio Marine HCC, he managed the surety operations of Chubb de Mexico, Compania Afianzadora.
At TMHCC Barajas, he will be supported by chief operating officer Carlos Mireles, chief underwriting officer Rocio Sosa, chief claims officer Carlos Huacuja and operations manager Irma Raya.
Barajas will report to Tokio Marine HCC – Surety Group’s CEO Adam Pessin.
Pessin said: “We are excited to form TMHCC Mexico and delighted to have such an experienced and capable team led by Pako. This expansion into Mexico will broaden our surety footprint and complement our already strong worldwide surety portfolio.”
Barajas said: “Tokio Marine HCC’s financial strength and international surety expertise provides us with an excellent platform to grow a best-in-class Mexican surety business.”
In April this year, TMHCC acquired 100% stake in NAS Insurance Services.
NAS is a US-based managing general agent, offering cyber and professional liability insurance. In 2014, Tokio Marine Holdings acquired 49% stake in NAS, through its UK subsidiary Tokio Marine Kiln Group.
Through the deal, Tokio Marine acquired the remaining 51% stake in NAS. The acquisition is aimed at increasing the Japanese insurance provider to become profitable and attain high-growth rate within the group.
In June 2018, Tokio Marine HCC’s subsidiary HCC International Insurance signed an agreement to acquire Qdos Contractor from The Qdos Group.
Qdos Contractor offers insurance products and services to the growing UK independent contractor and freelancer market via an online digital delivery platform.
Qdos Contractor was one of the eight companies that make up the The Qdos Group. Only Qdos Contractor was acquired from the group and the remaining businesses continue to operate independently through the current owners.
Source: Tokio Marine & ninsurance