The financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) reflects the unconditional guarantee of the company's insurance policy obligations by its parent Tokio Marine&Nichido Fire Insurance Co. Ltd. (local currency: A+/Stable/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. The explicit support that Tokio Marine&Nichido provides to TMIS meets Standard&Poor's Ratings Services' group rating methodology on policy guarantee agreements. TMIS is a 92.45%-owned subsidiary of Tokio Marine&Nichido, which is a core operating subsidiary of the Tokio Marine Group. The issuer credit rating on TMIS reflects the company's
