Financial institutions

Tokio Marine HCC joins AfDB to increase its lending capacity to financial institutions in Asia-Pacific

Tokyo Marine HCC

HOUSTON, Aug. 23, 2022 (GLOBE NEWSWIRE) — Tokio Marine HCC (TMHCC), headquartered in Houston, Texas, today announced that it and Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) have partnered with the Asian Development Bank (ADB), along with four other global insurance companies, to participate in ADB’s new framework credit insurance program, covering loans to financial institutions and increasing lending capacity by $1 billion in the Asia-Pacific region. Tokio Marine Group is the only program participant based in this region and will provide most of the capacity.

The Asia-Pacific region accounts for more than a third of global GDP and although it plays an important role in the global economy, it also faces a wide range of social issues such as poverty. The AfDB has worked to address these social issues through financing, knowledge and technology, as well as promoting local policies in line with major international agendas such as the United Nations Sustainable Development Goals and the Accord from Paris.

“Tokio Marine HCC is thrilled to partner with ADB and offer its underwriting expertise to a program that increases lending in a way that helps lift some of the poorest people in Asia-Pacific. ADB’s corporate social responsibility efforts are closely aligned with our own good business vision and efforts. At Tokio Marine HCC and across the Tokio Marine Group, we are committed to a safe, secure and sustainable future for all,” said Susan Rivera, Managing Director of Tokio Marine HCC.

The AfDB program uses credit insurance, which covers losses in the event of non-payment by borrowers under loan agreements, to cover its loans to financial institutions that meet certain criteria over the next three years. . The program will enable the AfDB to mitigate its exposure to credit risk and provide additional financing to organizations across the Asia-Pacific region. At the same time, the program gives TMHCC and TMNF the opportunity to address social issues in this region by promoting access to financial services, increasing job creation, expanding access to housing and making advancing gender equality.

“With the international expertise to underwrite insurance designed to protect against financial loss from credit and political risk, Tokio Marine HCC is well placed to support ADB’s credit insurance program. We know the risks associated with political instability, economic uncertainty, government interventions and social discontent,” added Jerome Swinscoe, Chairman of Tokio Marine HCC – Credit Group.

About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a leading global company founded in 1879 with a market capitalization of $39 billion as of June 30, 2022. Headquartered in Houston, Texas, Tokio Marine HCC is a specialty insurance group leading company with offices in the United States, Mexico, United Kingdom and continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “A+” (strong) from S&P Global Ratings, “A++” (superior) from AM Best, and “AA-” (very strong) from Fitch Ratings ; its major international insurance companies have financial strength ratings of “A+” (Strong) from S&P Global Ratings. Tokio Marine HCC is the trade name used to describe affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information on Tokio Marine HCC, please visit www.tokiomarinehcc.com.

About Tokio Marine and Nichido
Tokio Marine & Nichido is a member of the Tokio Marine group. Founded in 1879 and based in Tokyo, Japan, Tokio Marine & Nichido is a leading insurance group with a global network of offices. Tokio Marine & Nichido has financial strength ratings of ‘A++’ (Superior) from AM Best, ‘Aa3’ (Superior) from Moody’s and ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine & Nichido under the trading name of Tokio Marine & Nichido Fire Insurance Co., Ltd. For more information about Tokio Marine & Nichido, please visit https://www.tokiomarine-nichido.co.jp/en/.

About the AfDB
The AfDB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. Founded in 1966, it is owned by 68 members, including 49 from the region. For more information about the AfDB, please visit www.adb.org.

Contact:

Jerome Swinscoe, President

Tokio Marine HCC – Credit Group

+44 (0)20 7648 1286