Specialist insurance broker BPL has opened office in Tokyo to tap interest in credit and political risk insurance from Japanese banks and corporates.

London-headquartered BPL said there is “growing demand” from financial institutions, trading houses and multinational firms in the country, particularly from banks seeking to use credit insurance to lessen their regulatory capital burden and boost lending capacity.

BPL is in the process of applying for registration as an insurance broker, which it expects to be complete later this year, it said.

“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 Asia-Pacific, while using the firepower from our recent minority investment from Preservation Capital Partners for considered but confident growth,” said BPL group chief executive James Reynolds. 

The office will be led by Kenichi “Ken” Iwakura, who is joining the London-headquartered broker from MUFG, BPL said. 

Iwakura has been with the MUFG group since 2003, mainly in corporate banking roles, according to his LinkedIn profile. He became managing director in 2018 and has been head of the global corporate banking office since September 2024.  

Iwakura said he is “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”. 

No additional appointments have yet been made for the Tokyo office, a BPL spokesperson told GTR.