Howden announces its entry into the Japanese market with launch of Howden Re
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Tokyo, 3 July 2024 – Howden announces its entry into the Japanese market, launching Howden Re Japan Ltd (‘Howden Re Japan’) and an ILS partnership with Keystone ILS Capital (‘Keystone’).
Howden today also announces the appointment of Kentaro Tada as CEO, Howden Japan. Tada will oversee the strategic growth of Howden’s operations across Japan with immediate effect. Tada has held a number of senior roles in the (re)insurance industry, including President and CEO, Rakuten General Insurance Company, President, Guy Carpenter Japan and President and CEO, SBI SSI Holdings.
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.
To enhance its reinsurance services in Japan, Howden has invested in Keystone, a Japanese insurance-linked securities (ILS) structuring and capital markets advisory firm. In recent years, demand for ILS services has grown significantly in the region in light of increased natural disasters and associated economic losses, as well as the strategic need to diversify sources of capital, and the industry’s continued pursuit of innovation in (re)insurance solutions. Underinsurance of seismic risk makes up the majority of Japan’s natural catastrophe protection gap, which ranks as the world’s second-highest at $30 billion in premium equivalent terms.
Kentaro Tada, CEO, Howden Japan, 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, 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.”
David Howden, CEO, Howden said: “It is 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 choice to one of the world's largest and most advanced economies, I'm looking forward to a new chapter for the Japanese insurance market."