Ratings firm AM Best has given its seal of approval to Tokio Millennium Re (TMR).

AM Best has affirmed Tokio’s financial strength at A++ (superior) and issuer credit rating at aa+ with a stable outlook on both.

The ratings agency said: “The ratings reflect TMR’s superior financial strength, its solid risk management, favourable historical operating performance and its very strong risk-adjusted capital position.”

TMR CEO Tatsuhiko Hoshina said the ratings were “a validation of our overall strategy and strength as a company”.

He added: “With the opening of TMR’s US branch this past year, we continue our global expansion plan and diversification into casualty reinsurance and non-cat reinsurance lines.”

TMR was set up in Bermuda in 2000 and has expanded both geographically and through its products, including non-catastrophe lines, introduced in 2010.

TMR has opened operations in Switzerland, Australia and the US over the past few years and redomiciled to Switzerland last year, converting the former Bermuda HQ into a branch office.