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/Negative/A-1+). It also reflects TM Singapore's sound capitalization and prudent investment profile. These factors are offset by the company's improving, but still modest, underwriting performance and relatively weak market position in Singapore's competitive general insurance market. TM Singapore is strategically important to Tokio Marine as the group expands into Asia. It has significant resourcing support from Tokio Marine Asia Pte. Ltd., the group's regional headquarters, in such areas as reinsurance, risk management, investment and internal audits. TM Singapore's capitalization remains sound and commensurate with its risk profile, based on our risk-based
