BPL, an independent credit and political risk insurance broker, has opened an office in Japan as part of its wider international development.
The decision reflects growing demand for specialized credit and political risk insurance solutions from Japanese financial institutions, trading companies, multinational corporations and investors.
Japanese banks are particularly interested in using credit insurance to support regulatory capital efficiency and portfolio and risk management.
Based in Tokyo, the office will provide CPRI solutions, including non-payment insurance, political risk insurance and structured portfolio transactions. It will draw on the experience of BPL’s existing operations in London, Paris, New York, Singapore, Hong Kong and Geneva.
The company is currently applying to Japanese regulators to register as an insurance broker, a process expected to be completed later this year.
The office will be led by former MUFG employee Kenichi “Ken” Iwakura. Iwakura previously held senior roles in the Corporate & Investment Banking division, where he was responsible for the Structured Finance and Corporate Banking teams in Tokyo, Hong Kong, Singapore and London.
He has over 25 years of experience working with Japanese financial institutions and corporates, including originating cross-border specialty loans such as non-recourse cash flow financing and asset financing.
BPL Group CEO James Reynolds said: “The opening of our Japan office is a signal of intent – we mean to proactively enhance our service offering to clients in Japan and Asia Pacific, while leveraging the firepower of our recent minority investment from Preservation Capital Partners to deliver thoughtful but confident growth.”
Iwakura added: “I am delighted to join the BPL team and lead the group’s entry into the Japanese credit and political risk insurance market amid growing demand. I look forward to working with some of BPL’s largest financial institutions to deliver value and solutions tailored for Japan.”
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