Summary: Tokio Marine Insurance Singapore Ltd.

We equalize the insurer financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) with that on its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (TMNF: local currency A+/Positive/A-1). The rating equalization reflects the explicit support that TMNF provides to TMIS in the form of an unconditional guarantee of its insurance policy obligations. We expect TMNF to ensure that claims made by TMIS' policyholders are paid. TMNF, a core operating subsidiary of the Tokio Marine Group owns 92.45% of TMIS. Our issuer credit rating on TMIS reflects the insurer's highly strategic role in the Tokio Marine Group. We rate highly strategic subsidiaries one notch below the core operating subsidiaries. The financial strength rating on TMIS is one notch

...We equalize the insurer financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) with that on its parent, Tokio Marine & Nichido Fire Insurance Co. Ltd. (TMNF: local currency A+/Positive/A-1). The rating equalization reflects the explicit support that TMNF provides to TMIS in the form of an unconditional guarantee of its insurance policy obligations. We expect TMNF to ensure that claims made by TMIS' policyholders are paid. TMNF, a core operating subsidiary of the Tokio Marine Group owns 92.45% of TMIS. Our issuer credit rating on TMIS reflects the insurer's highly strategic role in the Tokio Marine Group. We rate highly strategic subsidiaries one notch below the core operating subsidiaries. The financial strength rating on TMIS is one notch higher than the issuer credit rating because of the explicit support by TMNF, which covers only insurance policy obligations. The issuer credit rating is an opinion about an obligor's overall creditworthiness. It does not apply to any...

Summary