The ratings on Tokio Marine Insurance Singapore Ltd. (TM Singapore) reflect the company's strategically important role to its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (Tokio Marine; AA/Stable/A-1+). It also reflects TM Singapore's sound capitalization and good market position. These factors are, however, partly offset by the company's deteriorated underwriting performance and intense competition within the domestic market. TM Singapore, previously known as TM Asia Insurance Singapore Ltd., merged with its sister company Tokio Marine&Fire Insurance Co. (Singapore) Pte. Ltd. (TMS) on July 1, 2008. After the merger, the nonlife insurance operation of Tokio Marine in the Singapore market became more focused in terms of strategy and management. TM Singapore reports to the group's regional headquarters,
