The ratings on Tokio Marine Newa Insurance Co. Ltd. reflect the insurer's strong capitalization, above average operating performance, and implicit support from the financially stronger Japan-based Tokio Marine group (whose core operating entity is Tokio Marine&Nichido Fire Insurance Co. Ltd.; AA/Stable/A-1+). The challenges for Tokio Marine Newa to achieve satisfactory business growth with a diversified business profile partly offset these strengths. Tokio Marine Newa's capitalization is strong on a risk-adjusted basis, as its risks written are mostly in personal lines. The company's solvency ratio (as measured by shareholders' funds to annualized net premium income) stood at 64.3% at the end of June 2009. At the same date, the company had a special reserve of Taiwan dollar (NT$) 3.5
