...The rating on Sompo Insurance Singapore Pte. Ltd. (Sompo Singapore) reflects the insurer's status as a highly strategic subsidiary of Sompo Group (core subsidiaries rated A+/Stable/--). The rating on Sompo Singapore is one notch lower than the 'a+' group credit profile of Sompo Group to reflect this status. In May 2016, the legal name for the subsidiary was changed to Sompo Insurance Singapore Pte. Ltd. from Tenet Sompo Insurance Pte. Ltd. This is in line with the group's strategy to strengthen the "Sompo" brand by renaming its subsidiaries with the same brand name. Under the group's revised business model in 2015, Sompo Singapore started operating as an underwriting agent for the head office, rather than as a reinsurance hub. Our assessment of Sompo Singapore's strategic importance to Sompo Group reflects our view that the company's revised structure and continued focus on local business are integral to the group's strategy. In 2016, Sompo Singapore repatriated about Singapore dollars...
