...Our ratings on Tokio Marine Insurance Singapore Ltd. (TMIS) reflect the highly strategic role the insurer plays in supporting the expansion strategy in Asia of Tokio Marine Group (core operating subsidiaries rated A+/Stable/A-1). We therefore expect TMIS to receive strong support from the group. We rate highly strategic subsidiaries one notch lower than the core operating subsidiaries of the group. We believe TMIS, along with other insurance subsidiaries in the Asia-Pacific region, plays an important role in Tokio Marine Group's global business strategy. The Singapore subsidiary provides property and casualty (P/C) insurance to local customers, services the group's multinational corporate clients, and facilitates risk and capital management between group companies. TMIS benefits from the group's branding and receives group support in areas such as risk management, business line expertise, actuarial, reinsurance, and systems. We believe the group is highly unlikely to divest its interest...
