The counterparty credit rating reflect the core status of Chartis Singapore to the Chartis Group (we rate Chartis Group's core operating companies A/Stable/--) through the company's role as the regional hub for the Asia-Pacific region, and its long record of operations in Singapore. The Singapore insurance company also has strong integration and support from the group. Our rating also reflects Chartis Singapore's strong business position in the local non-life insurance market (with a 14% share) and the company's conservative investment portfolio. Chartis Singapore is an indirect subsidiary of Chartis Inc., which is ultimately owned by American International Group Inc. (AIG; A-/Stable/A-2). Chartis Singapore benefits from access to its group's resources, expertise, and extensive reinsurance support. As part of Chartis Group's
