Tokio Marine acquires Standard Security, a US employee benefits company

Tokio Marine acquires Standard Security, a US employee benefits company

In January, Tokio Marine’s US unit Philadelphia Insurance Companies acquired the staffing insurance business of World Wide Specialty Programs. Another major overseas acquisition on June 2020 saw Tokio Marine buy GCube, a British insurer catering to the renewable energy industry, through its Tokio Marine HCC arm.   The move will also grow Tokio Marine’s footprint in the US, amid several overseas acquisitions that aim to spread the insurer’s risk profile amid a stagnating insurance market in Japan.

Source www.insurancebusinessmag.com Reliance Standard Life Insurance, a subsidiary of Tokio Marine-owned Delphi Financial Group, will act as the buyer in the transaction. Standard Security provides employee benefits products such as insurance for paid family leave and disability benefits coverage.

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