Insurance obligations guaranteed by Tokio Marine&Nichido Fire Insurance Co. Ltd. High likelihood of group support if needed, given its highly strategic status to Japan-based Tokio Marine Group. The insurer financial strength rating on Tokio Marine Insurance Singapore Ltd. (TMIS) is equalized with that on its parent, Tokio Marine&Nichido Fire Insurance Co. Ltd. (TMNF; local currency A+/Stable/A-1). This reflects the explicit support that TMNF provides to TMIS in the form of an unconditional guarantee on its insurance policy obligations. We expect TMNF to honor claims made by TMIS' policyholders. TMNF, which is a core operating subsidiary of the Tokio Marine Group, owns 92.45% of TMIS. Our issuer credit rating on TMIS reflects the highly strategic role the
