Howden on Wednesday announced its entry into the Japanese market with the establishment of Howden Re Japan and investment in Keystone ILS Capital.
In a media release, Howden said Howden Re Japan will provide reinsurance brokerage services to life and non-life companies in addition to strategic advice leveraging data, analytics and capital markets expertise for the Japanese market.
The global broker also announced that Kentaro Tada has been appointed as CEO of Howden Japan with immediate effect.
Tada has been with Howden Group since 2023 and has held several senior roles in the (re)insurance industry, including President and CEO at Rakuten General Insurance Company, President at Guy Carpenter Japan, and President and CEO at SBI SSI Holdings.
David Howden
CEO at HowdenAs part of the move into the country, Howden has also invested in Keystone, a Japanese insurance-linked securities (ILS) structuring and capital markets advisory firm.
Demand for insurance-linked securities (ILS) services is growing in the region amid an increase in natural catastrophe activity.
Underinsurance of seismic risk is a particular issue in Japan, contributing to the world’s second largest protection gap at US$25bn, according to Swiss Re.
Howden said the investment in Keystone reflects the “strategic need to diversify sources of capital” and the insurance industry’s “continued pursuit of innovation in (re)insurance solutions.”
On Howden establishing its presence in the country, Tada commented, “Japan, as a country faces significant risks from large-scale natural disasters such as earthquakes and typhoons, can benefit greatly from the specialist global expertise we bring.”
The CEO also noted that Japan’s risk environment is becoming increasingly complex to navigate, with issues such as cyber attacks and geopolitical tensions of increasing concern to both domestic and multinational companies.
“This is the first step on a journey to establish Howden’s long-term presence in Japan,” Tada added.
David Howden, CEO, Howden added, “It is a hugely exciting moment for us as we enter the Japanese market. 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.”
Shinji Yamamoto, CEO of Keystone ILS Capital, spoke on the collaboration between the two businesses, commenting, “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.”
