...Our ratings on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflect the highly strategic role the insurer plays in supporting the Sompo group's business strategy in Asia. Therefore, we expect Sompo Singapore to receive strong support from the Japanese insurance group and rate the insurer one notch below the 'a+' group credit profile of the group. The Singapore-based subsidiary shares its parent's brand name and benefits from long-term commitment of parental support. This is evident from the provision of a net worth maintenance agreement and a track record of capital injections when required (such as after the major floods in Thailand). The parent also supports Sompo Singapore in areas such as business referral, underwriting, investment and risk management governance. The Sompo group is highly unlikely to sell its interest in Sompo Singapore given the Singapore-based insurer's role of supporting the group's regional strategy. The insurer plays an important role in supporting its...
