The ratings on Tokio Marine Newa Insurance Co. Ltd. reflect the insurer's good market position in auto insurance, satisfactory and improving operating performance, strong capitalization, and implicit support from the financially stronger Japan-based Millea group (core operating entity is Tokio Marine&Nichido Fire Insurance Co. Ltd.; AA/Stable/--), which holds 48.9% of the company's shares. These strengths are moderated by the insurer's limited market position in commercial lines. The ratings also factor in Tokio Marine Newa's relationship with the Taiwan-based Yulon group, which holds 51.1% of its shares and refers business to the insurer. Tokio Marine Newa operates independently of the Yulon group. Tokio Marine Newa became the Millea group's only insurer in Taiwan after the group closed its representative
