The ratings on Chartis Singapore Insurance Pte. Ltd. reflect the company's core status to the Chartis group (we rate the Chartis group's core operating companies A/Stable/--). Chartis Singapore is a regional hub for the group's Asia-Pacific (excluding Japan) operations and the company's operations in Singapore are substantial and profitable. Chartis Singapore has strong integration with, and support from, the group. Chartis Singapore's exposure to increased competition and softening rates in its domestic market partly offsets these strengths. We view Chartis Singapore's stand-alone credit profile as strong, reflecting the company's strong business position in the local non-life insurance market (with a 13% share) and conservative investment portfolio. Chartis Singapore is an indirect subsidiary of Chartis Inc., which is ultimately owned by
