UK-headquartered BPL has opened an office in Tokyo as it targets increasing use of credit and political risk insurance (CPRI) by banks, trading companies, and multinational groups in Japan and across Asia. The broker, which focuses exclusively on CPRI, said the office is part of its broader international expansion and will provide specialist cover for Japanese clients. The operation is progressing through the process of registration as an insurance broker with Japan’s regulatory authority, with formal approval expected later in 2026.
James Reynolds, group chief executive officer of BPL, described the launch as part of the firm’s long-term regional strategy. “The opening of our Japan office is a signal of intent – we mean to be proactive in enhancing our service for our clients in Japan and APAC, while using the firepower from our recent minority investment from Preservation Capital Partners for considered but confident growth,” Reynolds said. From Tokyo, BPL plans to arrange non-payment insurance, political risk cover, and structured portfolio transactions. The office is expected to focus on Japanese financial institutions seeking regulatory capital relief and portfolio risk management, as well as large corporates and investors with cross-border exposures.
The Japan office will be led by Kenichi “Ken” Iwakura, who joins as chief executive officer of BPL Japan from MUFG Bank. Over more than 25 years, Iwakura has worked in corporate and investment banking, including leadership roles in Tokyo, Hong Kong, Singapore, and London with responsibility for structured finance and corporate banking teams. His experience includes corporate coverage for global financial institutions and Japanese corporates, and the origination of cross-border specialised lending such as non‑recourse cash‑flow financing and asset‑based financing.
Iwakura commented: “I am excited to join the BPL team and lead the group’s efforts to enter the Japanese credit and political risk insurance market, at a time of growing demand. I look forward to working with some of BPL’s largest financial institutions, delivering value and solutions tailored for Japan.” The Tokyo office will operate alongside BPL’s existing hubs in London, Paris, New York, Geneva, Hong Kong, and Singapore. Founded in 1983, BPL reports a CPRI portfolio of about US$102 billion and annual premium volume of roughly US$930 million.
BPL’s move into Japan comes at a time when the global CPRI sector is growing in premium volume and capacity, according to Howden Re’s “Credit and Political Risk Insurance Outlook at 1.1.2026,” published in January 2026. Howden Re’s Credit and political risk insurance team reported that the CPRI market “delivered another strong year of growth and performance in 2025.” Phil Bonner, managing director, global specialty treaty at Howden Re, said the year was marked by “a rare combination of strong growth, disciplined underwriting, and sustained outperformance across the CPRI market.”
Bonner noted that higher demand from banks and corporates was “largely matched by increased capacity,” enabling existing carriers and new entrants to write more business without, in Howden Re’s view, undermining technical standards. Despite macroeconomic and geopolitical uncertainty, loss experience was described as stable, with pricing easing gradually and underwriting discipline continuing to differentiate CPRI from broader commercial lines.
On the supply side, incumbent insurers sought to increase line sizes in 2025 by offering larger limits on a per‑risk basis, while several new participants added further capacity. This helped meet part of the increased demand from banks and corporates using CPRI for capital relief, balance sheet management, and risk transfer, although Howden Re noted that demand continued to exceed available capacity in some segments. According to the outlook, a focus on higher‑quality risks resulted in localised overcapacity and a general easing in prices for more standardised and commoditised business. Howden Re said reductions were limited by conservative underwriting approaches and the finite pool of specialist capital.
The firm reported pricing declines of 10 to 20 points from post‑COVID peaks in the direct market for standardised risk types. At the Jan. 1, 2026, reinsurance renewals, quota‑share ceding commissions increased moderately, while excess‑of‑loss programmes saw only limited downward movement in rates or expansions in exposure at flat pricing. Looking ahead, Marius Fischer, managing director, reinsurance broking credit & financial risk at Howden Re, said the CPRI sector is “expected to continue along a path of gradual and selective softening, driven by strong competition for more standardised risks but underpinned by resilient demand from banks and corporates seeking capital relief and balance sheet protection.” Fischer added that demand from funds and institutions that have not historically been major buyers, including US banks, is also contributing to growth. These demand and capacity trends form the backdrop for BPL’s Tokyo launch, with banks, trading houses, and corporates likely to continue using CPRI for regulatory capital, liquidity, and risk management objectives.
