Explicit support from the parent Moderately strong investment profile Satisfactory capitalization Weakened operating performance Limited competitive position within the fragmented Singapore non-life insurance market Significant reliance on reinsurance with exposure to credit risks The rating on Tenet Sompo Insurance Pte. Ltd. (Tenet SJ) reflects the insurer's strategic importance to the Asia business of its parent, Sompo Japan Insurance Inc. (Sompo Japan: local currency A+/Stable/--). The rating also reflects Tenet SJ's moderately strong investment profile with good quality fixed income and good liquidity. The insurer's weakened operating performance, limited competitive position within Singapore's fragmented non-life insurance market, and significant reliance on reinsurance temper the above strengths. Our rating on Tenet SJ factors in three notches of support over the company's stand-alone
