Guarantee support from Tokio Marine&Nichido Fire Insurance Co. Ltd. over policyholder obligations. Highly strategic subsidiary of the Tokio Marine Group. We equalize the insurer financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) with that on its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (TMNF: local currency A+/Positive/A-1). The rating equalization reflects the explicit support that TMNF provides to TMIS in the form of an unconditional guarantee of its insurance policy obligations. We expect TMNF to ensure that claims made by TMIS' policyholders are paid. TMNF, a core operating subsidiary of the Tokio Marine Group owns 92.45% of TMIS. Our issuer credit rating on TMIS reflects the insurer's highly strategic role in the Tokio Marine
