Howden has also announced the appointment of Kentaro Tada as CEO of Howden Japan. Tada will oversee the strategic expansion of Howden’s operations. Tada has held multiple senior roles in the industry, including President and CEO, Rakuten General Insurance Company, President, Guy Carpenter Japan, and CEO of SBI SSI Holdings.
Howden Re Japan will provide reinsurance brokerage services to life and non-life companies as well as strategic advice leveraging data, analytics, and capital markets expertise in the Japanese market.
Howden has invested in Keystone to enhance its reinsurance services in Japan. Keystone is a Japanese insurance-linked securities (ILS) structuring and capital markets advisory firm. There has been increased demand for ILS services in recent years due to increased natural disasters and related economic losses, the strategic need to diversify sources of capital, and innovations in (re)insurance solutions. Underinsurance of seismic risk accounts for the majority of Japan’s natural disaster protection gap, ranking as the world’s second-highest with $30 billion in premium equivalent terms.
Kentaro Tada (pictured) commented: “This is the first step on a journey to establish Howden’s long-term presence in Japan. As a company, Howden is dedicated to improving disaster resilience and corporate sustainability, and Japan, as a country that faces significant risks from large-scale natural disasters such as earthquakes and typhoons, can benefit greatly from the specialist global expertise we bring. Japan’s risk environment is becoming ever more complex to navigate, with cyber attacks and geopolitical tensions also of concern to both domestic and multinational companies with operations in the country.”
Shinji Yamamoto, CEO of Keystone ILS Capital, said: “The substantial economic losses expected from large-scale natural disasters in Japan present a critical social issue for the country. Keystone ILS Capital is focused on facilitating international diversification of these risks through insurance-linked securities transactions. Our partnership with Howden allows Keystone ILS Capital to offer comprehensive services tailored to various needs within Japan, which we see as a pivotal step forward in addressing these pressing issues.”
Finally, David Howden, CEO, Howden added: “It is a hugely exciting moment for us as we enter the Japanese market, bringing a fresh, dynamic and entrepreneurial mindset underpinned by an employee ownership model that means we’re driven to achieve more, collaborating across borders and specialisms to deliver for clients. This approach to client service and a commitment to long-term business relationships means we have many shared values with Japan’s corporate culture.”
“With the appointment of Mr Tada, who has extensive industry experience, Howden is perfectly placed to provide innovative and imaginative risk solutions to our Japanese clients. And by bringing new choices to one of the world’s largest and most advanced economies, I’m looking forward to a new chapter for the Japanese insurance market.”
