Millea Holdings, the Japanese parent company of Tokio Marine, has reportedly partnered with JP Morgan Chase to establish a life and annuity reinsurance operation, named Tokio Marine Bluebell Re, in the Isle of Man.
<p>Cited in Insurance Journal, Millea has stated that the new subsidiary will provide reinsurance overage for guaranteed payments of death benefits and annuities in connection with variable annuity insurance by another of the group's subsidiaries, Tokio Marine and Nichido Financial Life Company.<br /><br />It also stated that the new arm will be established to control the risks associated with the guaranteed payment obligations of Tokio Marine and Nichido Financial Life Company, by utilizing derivatives-based strategies through the integration of advanced financial technologies of JP Morgan Chase and the company's insurance risk control expertise, which will enhance its ability to offer variable annuity insurance to customers. <br /><br />The new reinsurance unit is subject to regulatory approval.</p>