Sompo Insurance Singapore Pte. Ltd.

Strong support from Japan-based Sompo group, given its status as a highly strategic subsidiary. The rating on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflects the insurer's important role supporting the Japanese insurance group's strategy in Asia. We view Sompo Singapore as a highly strategic subsidiary of Sompo group and rate the insurer one notch lower than the 'a+' group credit profile of the Sompo group. In our view, legal restructuring of Sompo Singapore carried out in early 2020 aligns with the group strategy of further strengthening its retail platform globally. Sompo Singapore was consolidated under Sompo International Holdings Ltd. (Sompo International), the group's overseas platform, as were a few other overseas subsidiaries. We believe Sompo Singapore will remain closely

...The rating on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflects the insurer's important role supporting the Japanese insurance group's strategy in Asia. We view Sompo Singapore as a highly strategic subsidiary of Sompo group and rate the insurer one notch lower than the 'a+' group credit profile of the Sompo group. Close alignment with the parent's overseas expansion and growth strategy demonstrates Sompo Singapore's important role within the ASEAN region. We believe the parent is highly unlikely to sell its interest in the Singapore subsidiary. Our assessment of Sompo Singapore's strategic importance to the Sompo group reflects our view that the company's structure and continued focus on local businesses are integral to the group's strategy. Historically, the group has shown strong commitment to the insurer through a net worth maintenance agreement and with capital injections when required (such as after flooding in Thailand). In our view, legal restructuring of Sompo Singapore...

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