As of 31 December 2017
Tokio Millennium Re AG benefits from a Deed of Guarantee ("Guarantee") originally issued on September 1, 2004 by Tokio Marine & Nichido Fire Insurance Co. Ltd. (“TMNF”); the Guarantee was amended and restated as of July 1, 2015 to add Tokio Marine & Nichido Life Insurance Co. Ltd. (“TMNL”) as a co-guarantor under the Guarantee.
TMNF and TMNL (collectively, the “Guarantor”) irrevocably guarantee to any holder (each a “Beneficiary”) of a reinsurance contract issued by Tokio Millennium Re AG the performance of the obligations of such reinsurance contracts in accordance with their terms and conditions.
The Guarantor declares the Guarantee to be unconditional and irrevocable and that the Guarantor’s obligations under the Guarantee shall not be affected by the genuineness, validity, regularity or enforceability of their obligations under such insurance policy and reinsurance contract.
Without limiting the unconditional nature of the Guarantee, the rights, duties, obligations and liabilities of TMNF and TMNL as co-guarantors is several (and not joint), with TMNF sharing 60% and TMNL 40% of all such rights, duties, obligations and liabilities.
The Guarantor’s obligations under the Guarantee rank pari passu with the claims of all of the respective Guarantor's other unsecured and unsubordinated creditors.