The financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) reflects the unconditional guarantee of the company's insurance policy obligations by Tokio Marine&Nichido Fire Insurance Co. Ltd. (local currency: AA-/Negative/A-1+). We expect that Tokio Marine&Nichido will ensure that claims made by TMIS' policyholders are paid. The rating on TMIS is therefore equalized with that on Tokio Marine&Nichido. TMIS received the guarantee to facilitate the transfer of a book of third-party run-off businesses that was previously handled by its Labuan-based sister company, Tokio Marine Global Re Asia Ltd. The explicit support that Tokio Marine&Nichido provides TMIS meets Standard&Poor's Ratings Services' group rating methodology on policy guarantee agreements. TMIS is a
